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Why Do People Take Out Payday Loans?

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From the desk of lead San Francisco attorney Alison Cordova

A recent study by Pew Charitable Trusts shows that most payday loans are being used to pay for every day expenses, not unexpected medical bills, education expenses, or emergency break-down costs as the payday loan companies like us to believe.

A whopping two thirds of payday loans are reportedly taken out to cover basic, ongoing living expenses. Only 16% of payday loans are put towards emergencies.

This is quite scary. It means that payday loans are increasingly bridging an economic gap between working American’s income and expenses.

The full article and an info graphic can be found here: http://www.cashadvanceonline.net/why-borrow-payday-loans/#

If you are struggling to pay your basic living expenses, contact a debt settlement attorney who can help you get rid of excess bills without incurring the exorbitant interest rates of payday loans.

 

Why Do People Take Out Payday Loans? was last modified: November 1st, 2014 by Kevin Fallon McCarthy
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