Payday Loan News
WASHINGTON,
Dec. 4 /PRNewswire-USNewswire/ -- Households without access to
payday loans are forced to use costlier credit products and suffer
greater financial difficulties, according to new research prepared
by staff of the Federal Reserve Bank of New York.
Preliminary
findings in the November 2007 working paper, "Payday Holiday:
How Households Fare after Payday Credit Bans," by Donald
P. Morgan and Michael R. Strain, Research Officers with the Federal
Reserve Bank of New York, conclude that payday loan bans result
in increased credit problems for consumers. (read the rest of
the article here)