Payday blues: Rural Michigan in addition to quick-cash financial obligation hole

Payday blues: Rural Michigan in addition to quick-cash financial obligation hole

LUDINGTON—Four years back, Merenda Vincent had been eager for cash.

She had an overdue car repayment, along side a medical bill she couldn’t spend. Residing for a month-to-month personal protection check of not as much as $1,000, she had no cash within the bank.

Vincent recalled that she strolled into a payday lending shop called Check ‘n Go outside Ludington, a little Lake Michigan community north of Muskegon. She stated she composed Check ‘n Go and arrived with $100 in money. a later, she still could not meet her debt month. Therefore she took out 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. (more…)

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