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Installment loans trap low-income borrowers with 182 percent interest rates
By Paul Kiel, ProPublicaThis story was co-produced with Marketplace. Listen to their coverage. One day late last year, Katrina Sutton stood at a gas pump outside Atlanta and swiped her debit card. Insufficient funds. But that couldn’t be. She’d been careful to wait until her $270 paycheck from Walmart had…
Occupy hatches plot to destroy payday loan industry
By Mandi Woodruff In today’s ever-perplexing world of personal finance, there’s no question consumers could benefit from a little clarity. Just don’t expect to find any in the pages of Occupy Wall Street’s new manifesto on consumer debt. “The Debt Resistor’s Operations Manual” is 122 pages of some of the dodgiest financial…
Well, Poop
A new study shows, rather unsurprisingly, that people who take out payday loans often need more than one loan. By the time that someone is at the point that they’re looking to get an advance on money they’re already going to be receiving, and getting it at a stiff penalty,…
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