The CBS Evening News with Scott Pelley – Online Payday loans come with a high price

In partnership with The Center for Public Integrity, CBS News chief investigative correspondent Armen Keteyian finds out who is behind the big business of online payday loans that provide an advance on a paycheck attached with crippling interest rates.

8 thoughts on “The CBS Evening News with Scott Pelley – Online Payday loans come with a high price

  1. ‘Triple digit interest rates’. Are these people greedy or evil? or Both?
    Getting rich off the misery of others must somehow be curbed.

  2. I am a Miami tribal member & this video only confirms what many of us have
    known for a long time, which is that the Miami Tribe is run predominantly
    by crooks, liars & thieves. Year after year we have gone to the annual
    meetings & tried to shed light on the corruption taking place & year after
    year we are shut down by the tribes system of patronage. They are only
    interested in furthering their own interests. Even at the cost of others,
    tribal members included.

  3. I used to have 10 payday loans and found a quick easily way to get out of
    this cycle. there are steps to take chapter 2 from the book Getting Control
    : The Complet guide to getting yourself out of horrilble debt by troy flora
    is all about this problem and solution.

  4. Ramon borrowed $250 for 2 weeks at a cost of $75. Apparently he had zero
    friends, family members, credit union, bank, or charity to offer him a
    short-term loan. Ramon lived where? No mention of this in the CBS News
    piece. Did he have the option to walk into a payday loan store? State
    regulators forced him to the internet? The reporter reveals there were 2000
    borrower complaints last year. 14,000,000 payday loans were transacted in
    2011. That’s a .0002 percent complaint rate.Jer-Trihouse

  5. It is true some Indian Tribes Charge to much for Fees. HOWEVER, there are a
    few Tribes that charge REASONABLE RATES like A $15 FEE added to THE $50
    PRINCIPAL a payday to make the bill $65 “INSTEAD” of $125 to 200 a payday.

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