Pearce Statement: Demise of Payday Lending
Yesterday, Attorney General Roy Cooper announced that the last three major out-of-state payday lenders had agreed to stop making illegal loans in North Carolina. As a result, working families in the state will save almost $100 million each year -- money they can use to buy food, pay their bills, and balance their family budget. Payday lenders make small loans and charge interest rates of as much as 400 percent, trapping families in a cycle of debt from which many never recover. The Center for Responsible Lending, a nonprofit, non-partisan research group based in Durham, NC, applauds the