Listen Minn. lawmakers think about restricting pay loans day
St. Paul, Minn. вЂ“ although the recession deepens and people concerning the financial margins battle to pay rent or make car repairs, payday loan can offer assistance that is quick. However, borrowers might also are caught in a vicious amount of economic responsibility.
Today when you look at the Capitol, lawmakers begins contemplating two bills that may restrict payday financing. As a feature 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 family members in Chicago with two working mothers and dads, we usually discovered ourselves strapped for cash. In terms of past year or two, my mother, Yolonda Mayfield, is taking right out loans which are payday.