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The California Black Chamber of Commerce is announcing a new statewide effort to provide financial literacy education through its local chapters across California. With support from the California Financial Service Providers Association (CFSP), the Chamber will soon be offering a program entitled “Taking Control of Your Finances,” which includes lessons on basic financial services; the importance of saving; managing banking relationships; investing; budgeting; and the responsible use of various types of credit.
Read the entire press release. (93KB PDF) |
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February 6, 2008
Farifax, VA:
A team of researchers from George Mason University and Colby College have found that allowing individuals access to payday loans improves the borrowers' ability to survive financially. Because payday loans can help the participants to manage their personal finances better, the availability of payday loans -- despite their high cost -- improves consumer welfare in the study by allowing borrowers to deal with unexpected expenses. However, borrowers whose demand for payday loans exceeds a certain threshold level are at a greater risk than those who do not have access to payday loans. |
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Federal Reserve Study Reveals Cost of Denying Options to Consumers
By Niger Innis
January 2, 2008
It's one of the cornerstones of our free-market system: Choice benefits consumers. A recent staff report from the Federal Reserve Bank of New York confirms it in regards to "payday" loans, those small short-term cash advances that politicians love to bash.
There's no doubt that a huge market exists for payday loans. According to the industry, there are more than 22,000 retail payday locations across the country offering about $40 billion in short-term credit to consumers. The main beneficiaries of payday loans are working households in minority communities, which have been traditionally underserved by banks and other financial institutions. |
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