Payday Loans Cost Economy $1 Billion in 2011: Study

May 2, 2013
CNBC.com 
payday lending news

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."
Web Link







Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`