The Consumer Financial Protection Bureau has found that over 19 million U.S. households resort to payday loans. Of that number, almost 70% of borrowers have to take out a second loan to cover the first, and 20% end up saddled with 10 or more loans, one after the other. Karl Frisch, the Executive Director of Allied Progress, joins Ring of Fire’s Sam Seder to discuss the predatory nature of the payday lending industry.
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