Pay day loans can be a period of financial obligation

Pay day loans can be a period of financial obligation

Listen Minn. lawmakers consider limiting loans that are payday

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St. Paul, Minn. – Once the recession deepens and folks in the economic margins find it difficult to spend lease or make automobile repairs, payday advances will offer quick assistance. But, borrowers may also are caught in a vicious period of financial obligation.

Today during the Capitol, lawmakers will give consideration to two bills that will limit payday financing. As an element of our Youth Radio series, Cathy Mayfield regarding the University of Minnesota talks about quick money in a negative economy.

Growing up in a middle-class household in Chicago with two working moms and dads, we usually found ourselves strapped for money. When it comes to previous couple of years, my mom, Yolonda Mayfield, happens to be taking out fully pay day loans. My father and grandmother failed to think it absolutely was this type of idea that is great.

“It arrived in handy for medical bills if the children had been sick.”

“the holiday season had been coming and I also ended up being just a little quick on cash,” my mom remembered, “I attempted to have it from a 401K, i really couldn’t obtain it, we attempted to have it from my work, i really couldn’t have it.

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