Excerpt
SUMMARY: Payday loans are supposed to be a short-term quick fix for those who can't get traditional credit. But the loans are rarely actually short-term, and borrowers frequently need to take out a second loan to pay off the first. Special correspondent Andrew Schmertz reports from South Dakota, where some are trying to cap triple-digit interest rates that many struggle to pay.
"Left behind by banks, poor Americans pay more to borrow" PBS NewsHour 1/6/2016
Excerpt
SUMMARY: It’s expensive to be poor. Unable to maintain a minimum balance or provide the necessary ID to open a bank account, many low-income Americans rely on fringe financial services like check cashing stores and payday lenders, which charge interest rates that can reach the triple digits. Hari Sreenivasan learns more from Mehrsa Baradaran, author of "How the Other Half Banks."
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