Economics @ ITT

Many Use Payday Loans to Cover Food and Rent

Posted in economics by ittecon on July 19, 2012

Pew found that the average user takes out eight loans of $375 each year and spends $520 in interest. The researchers said the repeated use means that the loan is functioning more like a high-interest line of credit than a short-term fix to a one-time problem.

via Many use payday loans to cover food, rent – Economy Watch.

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