Rules threaten payday loans for low-income borrowers

Many Americans take for granted that if they have a toothache and need a cavity filled, they can…

Georgia (Jun 10, 2015) — Many Americans take for granted that if they have a toothache and need a cavity filled, they can afford to pay the dentist. If their car broke down tomorrow, they could pay the repair shop with cash or on credit. But for most low-income households living on extremely tight budgets, those options aren't available. 


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A recent survey from the Federal Reserve finds that two-thirds of Americans making under $40,000 per year would have to sell something or borrow money in the event of a $400 emergency expense…

Another recently released academic study from Jennifer Lewis Priestley, a professor at Kennesaw State University, examined the impact a high number of payday loan rollovers had on borrowers' credit scores. She found that borrowers with a high number of rollovers actually saw more positive impact on their credit than consumers with few rollovers. Borrows who did experience a decline in credit scores were more likely to live in states that have laws restricting access to payday loans.

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