Payday Loans Cost Economy $1 Billion in 2011: Study

 

http://www.cnbc.com/id/100701516

 

 

 

Payday loans cost the U.S. economy nearly $1 billion and thousands of jobs in 2011, according to a report from the Insight Center for Community Economic Development.
The study says that the burden of repaying the loans resulted in $774 million in lost consumer spending and 14,000 job losses. Bankruptcies related to payday loans numbered 56,230, taking an additional $169 million out of the economy

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