KYTX: The Debt Trap: The Cost of Payday Lending in Texas

February 15, 2015

So many people struggle in that space between one paycheck and the next. Unable to make it, some turn to a payday loan. But that short-term solution can put them in long-term debt. “I didn’t read the fine print when I applied for the loan,” said Thomas Richards of Dallas. He got a payday loan he thought he could repay right away. But it took him more than half-a-year to pay back the $250 he initially borrowed, plus the additional $334 in interest and fees. Read more here.