Leonard Abbott of San Marcos had been aware of the risks of pay day loans вЂ” the small-dollar, high-interest credit that may quickly trap borrowers in a morass of financial obligation. However when unanticipated medical bills blew a opening inside the month-to-month spending plan a year ago, he felt he’d nowhere else to make. He took out a $500 loan, hoping to repay it in complete in two days. He sought more loans, until about a third of his $1,700 monthly take-home pay was going toward paying interest and fees alone when he couldnвЂ™t. (more…)
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