www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

   

"Pay day" loans exacerbate housing crisis

(Agencies)
Updated: 2008-03-24 09:30

Bill Faith, executive director of COHHIO, an umbrella group representing some 600 nonprofit agencies in Ohio, said the state is home to some 1,650 pay day loan lenders -- more than all of Ohio's McDonald's, Burger Kings and Wendy's fast food franchises put together.

"That's saying something, as the people of Ohio really like their fast food," Faith said. "But pay day loans are insidious because people get trapped in a cycle of debt."

It takes the average borrower two years to get out of a pay day loan, he said.

Robert Frank, an economics professor at Cornell University, equates pay day loans with "handing a suicidal person a noose" because many people can't control their finances and end up mired in debt.

"These loans lead to more bankruptcies and wipe out people's savings, which is bad for the economy," he said. "This is a problem that has been caused by deregulation" of the US financial sector in the 1990s.

Because of the astronomical interest rates there is a movement among more states to implement a cap of 36 percent APR that is currently in place in 13 states and the District of Columbia.

"Thirty-six percent is still very high," said Ozell Brooklin, director of Acorn Housing in Atlanta, Georgia where there is a cap in place. "But it's better than 400 percent."

Springing the trap

But even in states like New York where pay day loan caps or bans exist, loopholes allow out-of-state lenders to provide loans over the Internet.

Janet Hudson, 40, ran into pay day loans when she and her fiance broke up, leaving her with a young son and a $1,000 monthly mortgage payment. Short on cash, she took out three small pay day loans online totaling $900 but fell behind with her payments. Soon her monthly interest and fees totaled $800.

"It almost equaled my mortgage and I wasn't even touching the principal of the loans," said Hudson, who works as an administrative assistant.

After falling behind on her mortgage, Hudson asked Rochester, New York-based nonprofit Empire Justice Center for help. A lawyer at Empire, Rebecca Case-Grammatico, advised her to stop paying off the pay day loans because the loans were unsecured debt.

"For months after that the pay day lenders left me voice mails threatening to have me thrown in jail, take everything I owned and destroy my credit rating," Hudson said. After several months, the pay day lenders offered to reach a settlement.

But Hudson was already so far behind on her mortgage that she had to sell her home April 2007 to avoid foreclosure.

   1 2 3   


Top World News  
Today's Top News  
Most Commented/Read Stories in 48 Hours
主站蜘蛛池模板: 人成18亚洲资源在线 | 三级黄色毛片视频 | 一级毛片aaaaaa视频免费看 | 亚洲视频在线观 | 中国一级做a爱片免费 | 看一级毛片国产一级毛片 | 国产激情一级毛片久久久 | 韩国美女爽快毛片免费 | 国产午夜精品理论片影院 | 久草视频免费在线 | 女人一级特纯黄大片色 | 中文字幕有码在线视频 | 久久草在线视频 | 亚洲精品综合欧美一区二区三区 | 美女三级网站 | 精品国产成人a区在线观看 精品国产成人a在线观看 | 欧美xxxxxxxx | 欧美特级视频 | 日韩欧美视频一区二区三区 | 一级做a爱过程免费视频时看 | 欧美国产精品一区二区免费 | 九九视频在线观看视频6 | 国亚洲欧美日韩精品 | 香港三级88久久经典 | 久久精品国产一区二区三区 | 成人区视频| 欧美一级毛片免费播放器 | 神马午夜-午夜片 | 久久国产欧美日韩精品免费 | 欧美精品亚洲精品日韩 | 中文字幕有码在线播放 | 亚洲精品一区二区三区国产 | 亚洲国内精品自在线影视 | 午夜大片免费男女爽爽影院久久 | 中文字幕av一区二区三区 | 国产一区二区三区不卡在线观看 | 看a网站 | 欧美在线视频免费观看 | 伊人色综合久久成人 | 手机av在线播放 | 6一12呦女精品 |