Payday Lending 'Debt Trap' Siphons $3.4 Billion from Borrowers
Listen to payday lending telenews event (RealAudio) Durham, NC -- Unwary U.S. borrowers who rely upon high-interest payday lending for quick cash are caught in a "debt trap" that costs them $3.4 billion each year, according to a report by the Center for Responsible Lending (CRL). Entitled " Quantifying the Economic Cost of Predatory Payday Lending," the new CRL study...