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The result of State Bans of Payday Lending on customer Credit Delinquencies

22 Jan

The result of State Bans of Payday Lending on customer Credit Delinquencies

Abstract: “The financial obligation trap theory implicates loans that are payday a factor exacerbating customers’ economic distress. Correctly, limiting usage of payday advances will be likely to reduce delinquencies on conventional credit services and products. We try out this implication associated with the theory by analyzing delinquencies on revolving, retail, and installment credit in Georgia, new york, and Oregon. These states paid off option of pay day loans by either banning them outright or capping the costs charged by payday loan providers at a level that is low. (more…)