What the Mob Can Learn from Payday Lenders | Poverty in America | Change.org

Of the estimated 19 million Americans who used payday loans last year, at least 12 million are trapped in a cycle of 400 percent interest loans (the numbers look deceptively smaller when listed over, say, a two-week period). According to the Center for Responsible Lending, U.S. borrowers who rely upon high-interest payday lending for quick cash are caught in a “debt trap” that costs them $3.4 billion each year.

via What the Mob Can Learn from Payday Lenders | Poverty in America | Change.org.