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Seniors Fastest-Growing Segment of Payday Borrowers, Senate Told

Center for Responsible Lending testimony says Florida shows particularly sharp growth, calls for protection from Social Security garnishing.

By David Morrison | Updated on July 25, 2013

An executive from the Center for Responsible Lending told the Senate Special Committee on Aging that older Americans represent a quickly growing base of borrowers for payday lenders.

Rebecca Bornè, senior policy counsel for the CRL – a subsidiary of the 50,000-member, $580 million Self-Help Credit Union in Durham, N.C. – told legislators that a number of things make seniors attractive to payday lenders, including the fact that the seniors almost always have regular Social Security income and because older Americans were hit particularly hard by the loss of wealth during the Great Recession and housing downturn.

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