Today, We alert you to a 64-year-old woman in a financial tailspin due to a payday debt trap. Initially, she reached out to us for help with her February rent. As we spoke with her and reviewed her monthly income and expenses, we discovered she was paying over $400 bi-weekly ($867 per month) for two payday loans with over 500% interest rates. The debts total $2,300, yet she will make these bi-weekly payments for eleven more months. She explained that last year, she faced a car repair and dental procedure in the same month. She needed her car for work and could no longer live with the dental pain. As a result, she turned to payday loans to pay for the unexpected expenses. We feel strongly that she can sustain herself with these debts lifted. We would have also helped her with her needs when she took the loans if we had only known she was in need. We want to help her by clearing these two payday loans that total $2,300.

Share

Give