Payday loans and overdraft fees

Posted by Amanda Frayer at 02/24/09 10:56 AM
Payday loans create a cycle of debt that diminishes the income of vulnerable households

Marketed as short-term relief for a cash crunch, payday loans carry annual interest rates of 400 percent and are designed to catch working people – or those with a steady source of income such as Social Security or a disability check – in a long-term debt trap.

View the website: http://www.responsiblelending.org/payday-lending/research-analysis/payday-loans-put-families-in-the-red.html 
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