Short-Term ?Payday? Loans Do a Booming Business in N.H

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00023992-short-term-payday-loans-do-a-booming-busi/

Payday loans are running rampant in New Hampshire, one of the only states in the northeast that doesn?t cap interest rates on loans ? which can reach upwards of 500 per cent, according to a story running in the Nashua Telegraph.

It?s estimated that over 5 million borrowers across the country fall prey to the easy money promised by payday loans. Once started, though, the hamster wheel of continuing debt, mounting interest rates and finance charges proves difficult for many to escape from.

Nationally, there are about 22,000 outlets making loans totaling around $40 billion and generating more than $6 billion in interest and fees from consumers.

You can read more about this story at Short-term ?payday? loans do a booming business in N.H..