Vicious cycle of payday advances poses risk for low-income borrowers

Vicious cycle of payday advances poses risk for low-income borrowers

Latoya S. sits at her desk looking through overdue bills. Since 1998, she’s taken down close to 20 short-term payday advances.

1 day final might, Latoya S. had been walking her 6-year-old pit bull terrier, Gucci, as he started to snarl excitedly at a strange guy sitting on the leading porch of her stone, two-bedroom ranch house. As Latoya approached her house, the person talked. “You Latoya?” She nodded.

The guy arrived closer as the dog’s bark expanded louder. He handed Latoya an envelope and stated, “You’ve been served!” Latoya took the envelope and viewed the person dash to a vintage, beat-up Ford Taurus. Continue reading “Vicious cycle of payday advances poses risk for low-income borrowers”