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Home > Industry News > US consumers 'turning to pay day loans'
US consumers 'turning to pay day loans'
10/2/2008 5:03:20 PM
Bruce Parker

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US consumers struggling with the soaring cost of food and bills are turning to pay day loans to help them make ends meet, it has been claimed.

According to a report by KLAS-TV, pay day lenders are seeing an increase in business as consumers look for quick and easy solutions to their financial troubles.

Pay day loans are short-term solutions which allow consumers to borrow small amounts to cover unforeseen costs until they receive their next pay check.

On a visit to a pay day loans store, one customer said the pay day option had provided a financial helping hand under difficult circumstances.

"I was at the point where I didn't know where to go," she told KLAS-TV. "I came down here and they helped me."

Doctors interviewed by USA Today recently said debt problems and financial worries are causing many US consumers to experience stress.

Family physician Albert Levy told the news provider that this was prompting the onset of physical ailments such as exhaustion.
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