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)