Payday loans are touted as a useful financial product for middle-class households that just need a little help making ends meet in the short term. But critics have long held that the costly short-term loans burn a hole in those households' finances, which can immediately necessitate another loan, and another, and another, trapping the borrower in a cycle of debt.
A new study by the Center for Responsible Lending shows exactly how fast this loan "churning" happens. Eighty percent of...
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