Payday Lenders Lose

MONTGOMERY, Ala. (AP) - Payday lenders expecting a Christmas
boom this year are instead finding little holiday spirit among
their customers.
Several chains of stores operating in the Montgomery area say
the annual spike in the final five or six weeks of the year didn't
happen this year.
That reflects the the results found in a survey conducted by an
industry trade association called Borrow Smart Alabama.
The survey shows that more payday owners are reporting a decline
in business this year, with about three times as many reporting a
decline in December as reported an increase in lending.
Bill Smith owns Easy Money stores and said customers who turn to
payday lenders cutting back like everyone else this year.
Borrow Smart's survey found that more than 92 percent of
respondents said December's loan volume is heavier than other
months in a normal year.

(Copyright 2008 by The Associated Press. All Rights Reserved.)