Payday loan disaster: A holiday splurge leads to a 651% interest rate

It was holiday generosity that ultimately led Tyrone Newman to make a desperate deal.

And who could blame him?

Laid off and unemployed for a year, picking up the kids and doing laundry while his wife worked as a security guard, you could understand why a 47-year-old guy would want to celebrate a bit after a good, long year at a solid job.

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Thomas Erdbrink, Joby Warrick 09 Mar, 2012


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Source: http://feeds.washingtonpost.com/click.phdo?i=41187873c6bb28c081daacd2b36f9545
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