Fighting the debt trap of triple-digit interest rate loans
Clip: 1/6/2016 | 8m 26sVideo has Closed Captions
Fighting the debt trap of triple-digit interest rate payday loans.
Payday loans are supposed to be a short-term quick fix for those who can't get traditional credit. But the loans are rarely actually short-term, and borrowers frequently need to take out a second loan to pay off the first. Special correspondent Andrew Schmertz reports from South Dakota, where some state lawmakers are trying to cap triple-digit interest rates that many struggle to pay.
Problems playing video? | Closed Captioning Feedback
Problems playing video? | Closed Captioning Feedback
Major corporate funding for the PBS News Hour is provided by BDO, BNSF, Consumer Cellular, American Cruise Lines, and Raymond James. Funding for the PBS NewsHour Weekend is provided by...
Fighting the debt trap of triple-digit interest rate loans
Clip: 1/6/2016 | 8m 26sVideo has Closed Captions
Payday loans are supposed to be a short-term quick fix for those who can't get traditional credit. But the loans are rarely actually short-term, and borrowers frequently need to take out a second loan to pay off the first. Special correspondent Andrew Schmertz reports from South Dakota, where some state lawmakers are trying to cap triple-digit interest rates that many struggle to pay.
Problems playing video? | Closed Captioning Feedback
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Major corporate funding for the PBS News Hour is provided by BDO, BNSF, Consumer Cellular, American Cruise Lines, and Raymond James. Funding for the PBS NewsHour Weekend is provided by...