More than 3,000 people in the state of Utah were served arrest warrants arising from an unpaid loan between September 2017 and September 2018. Each year, 12 million Americans use short-term, high-interest rate “payday” loans. Nearly three-quarters of the borrowers have a household income below $40,000, and almost 10% are retired. Interest rates on storefront payday loans are, on average, almost 400%. Many people find themselves in “debt-traps,” borrowing payday loan after payday loan, and forced to skip basic living expenses such as rent or health care to keep up with the payments.
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