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LISTEN NOW! Today, debt appears to have become an everyday word that is commonplace. In the increase of loans, another type of loan is being seen, “Payday Loans”. Instead of a home loan that is paid back in 15-30 years, or a short term 12- month loan, these Payday Loans are given based on someone’s incoming paycheck. If you cannot afford an annual loan, then a 2-week loan is surely out of the question. Proverbs 22:7 reveals, “The rich rule over the poor, and the borrower is slave to the lender.”
According to reports, “Nationwide, borrowers pay $12 Billion in Fees and Interest Every Year”. In addition, “There are more than 20,000 payday lenders in the United States. In Alabama, there are four times as many payday lenders as there are McDonalds restaurants.” Because of the exorbitant interest rates of these loans, some borrowers will pay more in interest then they will the total amount borrowed! Continue reading…
screen capture from youtube.com/Southern Poverty Law Center
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