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Leonard Abbott of San Marcos had been aware of the problems of payday loans вЂ” the small-dollar, high-interest credit that will quickly trap borrowers in a morass of financial money mart loans title loans obligation.
Leonard Abbott of San Marcos had heard about the problems of pay day loans вЂ” the small-dollar, high-interest credit that will quickly trap borrowers in a morass of financial obligation. But once unforeseen medical bills blew an opening in their month-to-month budget year that is last he felt he’d nowhere else to make. He took away a $500 loan, looking to repay in complete in 2 months. As he couldnвЂ™t, he desired more loans, until about a 3rd of their $1,700 month-to-month take-home pay had been going toward repaying interest and costs alone.
вЂњThe 2nd loan it kind of just snowballed,вЂќ said Abbott, a 53-year-old Department of Public Safety security officer at the state Capitol that I got was to help pay the first one, and. вЂњOne thing that i did sonвЂ™t recognize is, it does not make a difference just how many pay day loans you have got, you continue to be eligible for a more.вЂќ
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