No way to help the poor
May 14, 2010 | federal legislation, industry, positive media coverage, research | Comments (0)Frum’s Forum discusses financial reform and payday lending. From the post:
These {payday lending} bans have not improved the lives of low-income individuals. The Federal Reserve Bank of New York compared the finances of households in Georgia and North Carolina with the rest of the country. They find that there was no improvement, and that personal finances were actually worse off, “Our findings will come as no surprise to observers who have noticed that payday credit, as expensive as it is, is still cheaper than a close substitute: bounced check ‘protection’ sold by credit unions and banks …the protection can be quite expensive.”
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