Business not booming
December 26, 2008 | Indiana, customers, employees, industry, media coverage | Comments (0)At least for payday lenders in Fort Wayne, Indiana. From the story:
The survey shows that more payday owners are reporting a decline in business this year, with about three times as many reporting a decline in December as reported an increase in lending.
Bill Smith, who owns Easy Money stores, said customers who turn to payday lenders are like everyone else this year and are cutting back.
That means using available funds for holiday purchases and not borrowing.
“Our customers are trying to do a cash Christmas this year,” he said.
This contradicts a lot of supposition in the media that the payday lending business is booming.
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