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Mon August 23, 2010
Increase in Wyoming payday lending has some concerned
By Kelly Herbinson
Laramie, Wy – Payday lending in Wyoming increased from seventy nine million dollars to over ninety one million dollars this year. This is the tenth straight year that payday lending has increased in Wyoming. The Wyoming children action alliance is working to raise awareness about the risks that payday loans pose to low income families.
Deanna Frey, executive director of the Wyoming children action alliance, says that payday lending can cause serious financial problems for families already struggling in a tough economy."What happens then is they get in a terrible cycle and it drives them further into poverty rather than really helping them to move out of poverty."
Frey hopes that legislators will eventually impose stricter regulations on payday lending businesses to help families recover financially.