Listen Minn. lawmakers give consideration to restricting pay time loans
St. Paul, Minn. вЂ“ although the recession deepens and people about the financial margins battle to expend lease or make car repairs, payday loan can offer assistance that is quick. However, borrowers might also are caught in a period that is vicious of responsibility.
Today within the Capitol, lawmakers will begin considering two bills which will restrict lending that is payday. As a component of y our Youth Radio series, Cathy Mayfield from the University of Minnesota discusses quick profit an economy this is certainly bad.
Growing up in a middle-class household in Chicago with two moms that are working dads, we usually discovered ourselves strapped for cash. In terms of couple that is previous of, my mother, Yolonda Mayfield, is actually taking out loans which can be payday. My dad and grandmother will never think it definitely ended up being this sort of good plan. Continue Reading