“Every two weeks I was just paying interest. And I think I got frustrated with it because knowing that the interest you’re paying really isn’t even close to what you took, and by the time you know it, you paid more than what you took from them. . . It eats you up, really, and it’s very stressful to deal with that, not knowing where you’re going to live next, or how you’re going to come up with your rent, yeah, it doesn’t really help much.” — Mercy, borrower Human Impact Partners and ISAIAH are excited to release the report, Drowning in Debt: A Health Impact Assessment of How Payday Loan Reforms Improve the Health of Minnesota’s Most Vulnerable. After examining literature and data from many sources, the study found that the payday lending debt trap harms the health and wellbeing of Minnesota’s payday borrowers, their families, and their communities. And there is no available evidence that access to payday loans has beneficial impacts on borrower health. Ultimately, eliminating the payday lending industry in the state – or else implementing significant reforms – provides the best opportunity to ensure that health risks to borrowers, their families, and communities are minimized. Here... Read More >>
↧