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Home / NC: Costlier Credit May Be Effect Of Payday Loan BanNC: Costlier Credit May Be Effect Of Payday Loan Ban
Last Updated on Monday, 17 December 2007 11:25 Written by rslcpol Monday, 17 December 2007 11:25
After years of mounting criticism, payday lending was finally shut down in North Carolina in 2005.
Problem solved, right? Not so fast, says new research on the consequences of that ban.
A report by Don Morgan, a research officer at the Federal Reserve Bank of New York, and Michael Strain, a graduate student at Cornell University, says that far from reducing debt problems for households, the ban on payday lending led to an increase.
This entry was posted on Monday, December 17th, 2007 at 11:25 am and is filed under Attorney General News, State Legislature News.
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