In Rusty Lay’s recent article, Payday Loans: The Poor Get Poorer | jacksonville.com he explains the process of payday loans and how it is ultimately costing the poor. This is an issue that is happening within South Carolina as well. These loan lenders offer advancements that get people stuck in an endless cycle of debt. Once a borrower gets into the cycle, it can be difficult to get out. According to the Center for Responsible Lending, the average payday borrower has nine transactions per year, and remains in payday loan debt for 212 days out of 365.
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