Thursday, March 8, 2012

Payday loan disaster: A holiday splurge leads to a 651% interest rate

It was holiday generosity that ultimately led Tyrone Newman to make a desperate deal. And who could blame him? He had been laid off and unemployed for a year, picking up the kids and doing laundry while his wife worked as a security guard. So, you can understand why a 47-year-old guy would want to celebrate a bit after a good, long year at a solid job. Read full article >>

Source: http://www.washingtonpost.com/local/payday-loan-disaster-a-holiday-splurge-leads-to-a-651percent-interest-rate/2012/03/08/gIQA9nMOzR_story.html?wprss=rss_homepage

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