Payday Loans Cost Economy $1 Billion in 2011: Study

May 2, 2013 
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A new report calculates that payday loans took almost $1 billion and thousands of jobs away from the U.S. economy in 2011. Broken down, the Insight Center for Community Economic Development finds that American consumers struggling to repay the advances withheld $774 million in spending; lost 14,000 jobs; and entered into 56,230 bankruptcies that siphoned another $169 million from the national economy. "Payday loans are an ongoing problem and an economic drain," according to the center's Tim Lohrentz, who penned the report. "The amount is not huge in the big picture of the total economy, but it's big enough."
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