Detailed text transcripts for TV channel - MSNBC - 20130512:14:38:00
Loan companies, they're selling short-term fixes, but payday loans are becoming a long-term headache for the people using them, and for the economy. 24 cents, i mean, that doesn't sound like much, but that's how much the economy lost for every dollar of interest paid. thatted added up to $774 million lost for the economy. there were 56,250 of those for individuals in 2011, costing about 3,000 per case. that means thanks to the payday loan business, nearly $1 billion gone from the u.s. economy.
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