Falling Wages Lead To Rise In Use Of Payday Loans
A recent report by the Economic Policy Institute, the rich got richer faster between 2001 and 2004. Alternately, the poor got even poorer and are finding it difficult to stay out of debt. Fortwayne.com reports:
That’s why more payday loan outfits are migrating from the inner cities to suburbs. Needy middle-income families are more willing than before to go into debt to maintain their standard of living.
Read more: Falling wages create more working poor