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Let me make it clear on how a $2,500 loan changed into $50,000 of financial obligation

Let me make it clear on how a $2,500 loan changed into $50,000 of financial obligation

Under a week after Bing stated it had been banning adverts for payday advances, one man’s story is making nationwide headlines. He’s a good example of exactly exactly exactly just how a little bit of economic misfortune can develop into a hill of financial obligation.

Back 2003, Elliott Clark’s spouse broke her ankle. She couldn’t work, therefore to maintain because of the bills, Elliott took away a $500 cash advance. Then he took away four more totaling $2,500.

“I’d nowhere else to get,” Clark recently told the Kansas City payday loans missouri celebrity. “I’d a family group, a child in university, bills to cover … I’m a man that is honest.

“Those places shouldn’t be permitted to do this,” Clark added. “It’s simply glorified loansharking.”