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For example, the average payday loan customer is 39-years-old with an average household income of $41,000; 86 percent of payday lending customers have a high school diploma or better and 52 percent are college graduates. The next time the Legislature meets, they will take up House Bill 267, which deals with the lending rates of payday loans and a compromise bill, House Bill 620, which further regulates the industry. If this happens, the payday lending industry in New Hampshire will cease to exist and the customers it serves will be without an alternative. Our purpose as elected officials is to protect consumers — eliminating the payday loan industry is not the answer. Both Georgia and North Carolina have banned payday lending practices in recent years, and as a result there’s been an increase in bounced checks, Chapter 7 “no asset” bankruptcy filings and complaints about lenders and debt collectors. The compromise legislation, House Bill 620, is a fair way to regulate the industry to further protect consumers, without ending payday lending as a reasonable lending option in our state. Find Out More

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