Price of Living: Payday loans leave some Hoosiers bankrupt, attorney says

Price of Living: Payday loans leave some Hoosiers bankrupt, attorney says

All this work in our Cost of Living Series, Call 6 Investigates Kara Kenney is digging into financial stressors that impact your daily life week.

INDIANAPOLIS — pay day loans, even a amount that is small could find yourself costing you thousands over time, relating to Indiana financial specialists and a south part guy whom finished up filing for bankruptcy as a consequence of payday financing.

Mike Webb, a recruiter whom lives from the south part, is coping with the effect of payday financing for the previous decade.

Webb had been a small behind on bills back 2007 and required $400 to produce a car or truck re payment.

“I saw a chance to get a cash advance,” said Webb. “It had been a fast and simple possibility to get some good cash to cover the bills.”

Webb paid their banking account information towards the payday loan provider and got cash fast. Continue reading “Price of Living: Payday loans leave some Hoosiers bankrupt, attorney says”