As the economy continues to sour the number of Americans using payday loans is on the rise. Payday loans are used by people who think it will help them through tough times; but with staggering interest rates often these loans push borrowers into foreclosure. Ruby Thomas works at the County Clerks’ office in Cleveland, Ohio making a good salary; but after taking out multiple payday loans with interest rates ranging from 400 to 800 percent she lost her home to foreclosure and is still thousands of dollars in debt. Many states have caps on the interest rates of payday loans; but Ohio does not have an interest rate cap.
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