Payday loans are hazerdous to your financial health: People who take out payday loans are nearly eight times more likely to file bankruptcy than those who don’t. Yet each year eleven million American families take out payday loans often at a 500% yearly interest rate.
Not suprisingly a clear correlation between payday loans and bankruptcy has now been established. Recent studies have shown that upon approval, first-time payday loan applicants in both Oregon and Washington become nearly twice as likely to file bankruptcy.
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