Letters to your editor (picture: Gannett)

Pay day loans trap debtor in endless period of financial obligation

Predatory payday loans have now been a scourge on numerous families inside our community, yet, for a statewide and scale that is national payday financing stores are far more abundant than McDonald’s. a fast drive around a few of the poorest communities in Shreveport provides you with a startling artistic of so just how they prey from the many susceptible in our midst. The reality of payday loans is that the high cost of the loans and stringent rules of repayment not only encourage but necessitate the taking of multiple loans, thus trapping the borrower in an endless cycle of debt while one high-interest, short-term loan can sometimes be enough to get the borrower back on his or her feet. Continua a leggere