Cash Before Payday - Payday loans part of 'vicious cycle' - Concord Monitor
House of Representatives Finance Committee, which she sits on, hears from town welfare officers regularly asking legislators to do something to regulate payday loans. The companies offering these quick cash advance loans ring the borders of the state, she says, but for people in the interior, the loan offices are just a phone call a way. Drew is one of the state’s many town welfare officers hearing from people caught in the money trap of payday loans. House Bill 267, which would reinstate the interest rate cap, along with two other bills, HB 620 and HB 799, designed to regulate payday loans are to be voted on by the House tomorrow. Shaffer Hammond says people should consult with their town’s welfare officer and/or credit counselors before resorting to high-interest loans. Learn more
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