The Backbench
Payday Loans: the Cost of Being Poor
23:30
Starting January 1st, the criminal interest rate on predatory lending will be lowered, meaning it should be safer to take out payday and installment loans. But these businesses have a tendency to skirt the law, adding unexpected fees and insurance rates to keep borrowers in the hole.
Sam welcomes Donna Borden to the show - an organizer with ACORN. She’s been a victim to these loans, and is now…