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Podcast: How a $1,000 Loan Ballooned into a $40,000 Debt
By Minhee Cho When Naya Burks was strapped for cash five years ago, she borrowed $1,000 from AmeriCash Loans at an enormously high annual interest rate of 240 percent. It wasn’t long before she defaulted on payments and AmeriCash took … Continue reading
Posted in News from the Soul Brother
Tagged AmeriCash, debt, loan, Missouri, National Consumer Law Center, Payday loan
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When Lenders Sue, Quick Cash Can Turn Into a Lifetime of Debt
By Paul Kiel A version of this story will be published in the St. Louis Post-Dispatch on Sunday. Five years ago, Naya Burks of St. Louis borrowed $1,000 from AmeriCash Loans. The money came at a steep price: She had … Continue reading
Posted in News from the Soul Brother
Tagged debt, loan, Missouri, money, National Consumer Law Center, Payday loan
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Congress to Pentagon: Save the Troops From Predatory Lenders
By Erika Eichelberger Six years ago, a major Pentagon investigation revealed that shady lenders were taking advantage of active-duty military by roping them into high-risk loans with astronomical interest rates. The Military Lending Act (MLA), which Congress passed in 2007, … Continue reading
The Payday Playbook: How High Cost Lenders Fight to Stay Legal
By Paul Kiel As the Rev. Susan McCann stood outside a public library in Springfield, Mo., last year, she did her best to persuade passers-by to sign an initiative to ban high-cost payday loans. But it was difficult to keep … Continue reading
Posted in News from the Soul Brother
Tagged bad loans, economy, loan, middle class, Missouri, money, Paul Kiel, Payday loan
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On Victory Drive, Soldiers Defeated by Debt
By Paul Kiel and Mitchell Hartman Seven years after Congress banned payday-loan companies from charging exorbitant interest rates to service members, many of the nation’s military bases are surrounded by storefront lenders who charge high annual percentage rates, sometimes exceeding … Continue reading
The 182 Percent Loan: How Installment Lenders Put Borrowers in a World of Hurt
By Paul Kiel One day late last year, Katrina Sutton stood at a gas pump outside Atlanta and swiped her debit card. Insufficient funds. But that couldn’t be. She’d been careful to wait until her $270 paycheck from Walmart had … Continue reading
How Public Policy Built The Racial Wealth Divide
By Seth Freed Wessler The racial wealth gap never ceases to amaze. Black and Latino families hold pennies of accumulated assets compared to every dollar of the average white family’s investments, retirement savings and home equity. Wealth matters a lot. … Continue reading
Stocks Of Payday Lenders, Pawn Shops Jump As Economy Sputters
Profiting from people’s misfortunes. 😦 The way of the world. Stocks Of Payday Lenders, Pawn Shops Jump As Economy Sputters.
bankruptcy revenge: Modify loan or declare bankruptcy?
I found this utterly fascinating. 60 Minutes covered this a few weeks back.I understand the rationale of the people who do file bankruptcy. bankruptcy revenge: Modify loan or declare bankruptcy? – chicagotribune.com.
Posted in News from the Soul Brother
Tagged business, debt, finance, loan, money, mortgage
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