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University of Wisconsin–Madison
Poverty-related issues in the news, from the Institute for Research on Poverty

Payday Lending

Payday loans cost economy $1 billion in 2011: study, By Mark Koba, May 2, 2013, CNBC: “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…”