Payday loans: countering the spin
Elizabeth Warren at Credit Slips (a great blog I just now learned of on credit and bankruptcy by six academics) has a great post touching on some of the payday loan research including the the Center for Responsible Lending (PDF link), the Center for Community Capital (PDF link) and the the bad numbers in the Donald Morgan’s study
But the best point is at the end: if bounced check charges are out of control, then [legislators] should take a look at those–not turn loose payday lenders so they can compete with banks to squeeze families harder.
Related: Payday loans cost consumers $4.2 billion annually,Payday loans only delay trouble,In trouble with an internet payday loan? Change banks.,
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Tags: banking, bans, check advance, Credit Slips, Donald Morgan, Elizabeth Warren, interest rate caps, lending, loans, overdraft charges., payday loans, salary lending., unbanks
Filed under: Consumer Action Manual
Tags: banking, bans, check advance, Credit Slips, Donald Morgan, Elizabeth Warren, interest rate caps, lending, loans, overdraft charges., payday loans, salary lending., unbanks
Filed under: Consumer Action Manual
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