Ban On Payday Loans May Be Coming To NC

A Federal reserve researcher says a ban on payday loans may be leading to greater financial burdens for low-income residents of two Southern states.

The study concluded that households in Georgia and North
Carolina have had more financial problems.

The report was written research officer Donald P. Morgan with
the Federal Reserve Bank of New York.

Georgia banned payday lending in May 2004. North Carolina
currently has closed payday lenders.

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