01/24/2009 05:12 am ET Updated May 25, 2011

Payday Lenders' Business Booming In Middle Class

Americans now pay as much as $8 billion a year to borrow at least $50 billion from payday lenders, by various estimates.

That's more than 10 times the level of a decade ago, according to a report by the California Department of Corporations. In California alone, customers now borrow about $2.5 billion a year from payday lenders, the report said.

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