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A few weeks ago, Renee BergeronвЂ”a mother that is single Duluth, MinnesotaвЂ”was between paychecks and took out a tiny pay day loan to simply help protect her lease. When her payday arrived around, Bergeron foundвЂ”much to her dismayвЂ”that she ended up being struggling to spend her bills that are basic additionally make her loan payment. Because of this, Bergeron took down another pay day loan so that you can finance the loan that is initial. Today, almost ten years later on, Bergeron and her kiddies are now living in a homeless shelter, and she continues to be saddled with an increase of than $4,000 in cash advance financial obligation.
Bergeron is simply one away from around 12 million borrowers whom sign up for such loans each year, in accordance with the Pew Charitable Trusts. Continue reading Let me make it clear regarding how Predatory Debt Traps Threaten Vulnerable Families