Policy Matters Testifies to Ohio Attorney General on Payday Lending
December 6, 2007
On December 6th, Ohio Attorney General Marc Dann held a public hearing and call to action on payday lending. David Rothstein, a researcher for Policy Matters Ohio, testified about the Ohio economy, the explosion in the number of payday lending locations across Ohio (1400% increase in locations between 1996 and 2006), and the spread of payday lending locations beyond the urban centers around which they once clustered. Rothstein also testified on the structure and practices of payday loan establishments, including the methods of lenders with regards to back to back loans, and collection techniques. Recommendations were also made about interest rates and alternatives to loans that trap families in a cycle of debt.