Dallas Morning News: Dallas charity takes steps to end the payday-loan debt cycle
June 21, 2015
Nancy and her husband work 60 hours a week, pull in about $1,000 weekly and own a home in Plano. She has worked 17 years for the same employer and never thought of herself as someone who mismanaged money. “We’re not a family of four that was going to Disney World all the time,” she says.
But when a car repair and major medical expenses ripped holes in the family budget, she turned to a payday loan because “it sounded like an easy fix.” Instead, she struggled to make mortgage payments as payday debt exploded every pay period.
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