Borrowing a relatively small amount of money say 300 until they get paid in two weeks sounds reasonable. But most people cant pay back the loan on time. Thats the reason four out of five payday loans are renewed within two weeks taking out a median of ten loans a year. Half take out more, half less. Moreover payday loans put the borrower into an endless cycle of fees, that exceed the limit and that is unnecessary. Pew trust Research Says if payday loans were unavailable they would cut back on expenses. Others would delay paying some bills rely on friends and family or sell some possessions. All are better alternatives than falling into debts. Twothirds of the money people borrow from payday lenders are not for emergencies but to pay basic recurring expenses like being utilities or food. Jonathan martin found out about the dangers of using payday loans to pay bills. Thelma fleming said she found out about payday loans. To get caught up, that was a very bad choice. She lost one of her tw
America is tighting a powerful financial playing plague that traps dangerous cycle of debt. Im talking about payday loans peddled to companies of low and middle income americans at a rate that would make people blush. Federal regulators are finally waking up to the fact of bay payday lenders, thanks to evasive tactics and powerful lobbyists. But more must be done to the situation that maximize of usury. And not to torture the religious metaphor but the devil here is in the details because on the surface the idea of someone borrowing a relatively small amount of money, say 300 until they get paid in two weeks sounds reasonable. But most people cant pay back the loan on time. Thats the reason four out of five payday loans are renewed within two weeks, taking out a median of ten loans a year. Half take out more, half less. Moreover, payday loans put the borrower into an endless cycle of fees, that exceed the limit and that is unnecessary. Pew trust Research Says if payday loans were unava
America is tighting a powerful financial playing plague that traps dangerous cycle of debt. Im talking about payday loans peddled to companies of low and middle income americans at a rate that would make people blush. Federal regulators are finally waking up to the fact of bay payday lenders, thanks to evasive tactics and powerful lobbyists. But more must be done to the situation that maximize of usury. And not to torture the religious metaphor but the devil here is in the details because on the surface the idea of someone borrowing a relatively small amount of money, say 300 until they get paid in two weeks sounds reasonable. But most people cant pay back the loan on time. Thats the reason four out of five payday loans are renewed within two weeks, taking out a median of ten loans a year. Half take out more, half less. Moreover, payday loans put the borrower into an endless cycle of fees, that exceed the limit and that is unnecessary. Pew trust Research Says if payday loans were unava
Infrastructure, health care costs. I can go on and on. Even the guns issue. The show is over. Thank you for being here. Its a pleasure. Thank you, david. Have a great weekend, everybody. Right now its time for squawk on the street. Good friday morning. Welcome to squawk on the street. Im carl with melissa lee, jim cramer, david faber at the new york stock exchange. Lets look at futures on a friday morning. Mild action here. We are paying attention to the mutual fund inflows. As for europe, disappointing Industrial Production numbers in spain and the uk. But the euro is at a ninemonth high this morning. We begin with the s p, a fiveyear high. A lot riding on Bank Earnings. The reports not perfect. American express joining the list of financials that are cutting jobs. Best buys troubles continue. Theyre not the only retailer under pressure this morning. Jcpenney capping a bad week. Boeing under official view as a probe is taken on the plane. A cracked inshield and oil leak. Remember a ch