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January 26, 2018

Title: Do Payday Advances Hurt the Working Poor?
Topic: Payday Loans

Discussed by Daniel Press
with Competitive Enterprise Institute www.cei.org

Part 1 of 2

Many Americans live paycheck to paycheck. When their car needs repairs, or their child is sick in the hospital and they cannot work, they often fall behind on their bills. Sometimes a payday advance seems like the only option available. But, are they worth the price?

Daniel Press is a Policy Analyst at the Competitive Enterprise Institute, where he focuses on financial regulation, international development, and trade.

Questions/Issues Discussed:

What is a payday advance?

How many Americans per year take advantage of payday advances?

How many states have payday advance stores?

FACT: There are 20,000 payday advance stores in America. This is more than the number of McDonald’s and Starbucks stores combined.

Are there some advantages to payday advances?

Why is the Consumer Financial Protection Bureau focusing on eliminating payday advances? NOTE: The head of this Bureau is Elizabeth Warren, if that gives you an idea…

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Title: Part 2 of 2 - Do Payday Advances Hurt the Working Poor?
Topic: Payday Loans

Discussed by Daniel Press
with Competitive Enterprise Institute www.cei.org

Questions/Issues Discussed:

How many Americans live paycheck to paycheck?

Why does Elizabeth Warren disapprove of payday advances?

Are payday advances really as bad as Elizabeth and others say they are?

Who suggested that the United States Post Office be responsible for payday advances?

Should the government place restrictions on payday advances?

At one time, banks offered payday advances. Why did they stop and should they start offering this service again?

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