Payday blues: Rural Michigan plus the quick-cash financial obligation hole

Payday blues: Rural Michigan plus the quick-cash financial obligation hole

LUDINGTON—Four years back, Merenda Vincent had been in need of money.

She had an overdue vehicle payment, along blog sites for students side a medical bill she couldn’t spend. residing on A social that is monthly security of lower than $1,000, she had no cash when you look at the bank.

Vincent recalled that she strolled right into a payday lending shop called Check ‘n Go outside Ludington, a tiny Lake Michigan community north of Muskegon. She stated she had written Check ‘n Go and arrived on the scene with $100 in money. a thirty days later on, she nevertheless could maybe not satisfy her financial obligation. Therefore she took down another loan. After which another.

It, Vincent said, she was in over her head with overdue bills and mounting payday debt costs that in Michigan can carry annual interest rates in excess of 400 percent depending on the size and term of the loan before she knew. Continue reading “Payday blues: Rural Michigan plus the quick-cash financial obligation hole”