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House Set to Vote on Payday Loans

By Dan Gorenstein on Tuesday, January 15, 2008.

The New Hampshire House is expected to vote on legislation Wednesday that would limit how much interest so-called payday lenders can charge.

Supporters argue tighter restrictions are needed because the loans trap poor people in an endless cycle of debt.

Lenders argue that if lawmakers go too far, it could drive the industry out of the state.

New Hampshire Public Radio’s Dan Gorenstein reports.