Detailed text transcripts for TV channel - MSNBC - 20130622:15:17:00
Repeat flipped loans, where it's paycheck to paycheck. i take it out, i pay it off, i take it out, i pay it off. and that's how it works. >> we were looking, apparently, it typically costs about $430 to pay off the average storefront loan within two weeks. but the vast majority of people who are taking them out can only afford $100, right? so if you can only afford $100, it costs $430 to pay them off, you see the majority of borrowers end up borrowing again and again. so there's a part of me who thinks, okay, this is, you know, your mama's, you know, lesson number one, financial literacy, neve...
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