Friday, September 6, 2019
Anyone who struggles with the rising costs of living knows all too well how hard it is to try stretching dollars when there’s more month than money in the household. Predatory lending, like payday and car-title loans, worsen financial stress with triple-digit interest rates that deepen the debt owed with each renewal. The irony is that many payday loan borrowers who needed just a few hundred dollars wind up owing thousands. And any loan whose accrued interest exceeds the principal borrowed is truly predatory.