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Fighting the debt trap of triple-digit interest rate loans

Clip: 01/06/2016 | 8m 26s

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.

Aired: 01/06/16

Rating: NR

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