Houston Chronicle: “Predatory payday lending”

April 23, 2010

Excerpt: “At some point we’ve all been faced with an untimely financial situation when, on top of the regular bills, an unexpected expense arises like a car repair or medical emergency. For low-income families, a payday loan may be the only option to get funds quickly. But what seems like a quick fix can lead to a long and destructive cycle of debt. That’s because, under current law, payday lenders can charge fees and interest of 500% or more. For example, a family who borrows $300 pays $840 on average to repay the loan…” Read more on the Houston Chronicle site >>