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Stop the Debt Trap

  • For those who need to take a payday loan to help meet financial obligations, it can be crippling. With interest rates averaging 370% in Michigan, just paying the loan back creates a cycle of debt that can be near impossible to escape. The "Stop the Debt Trap" petition drive is seeking to limit those interest loan rates to a maximum of 36%. WEMU's David Fair spoke with the group's Josh Hovey about the effort to get the initiative on the November ballot and why it's so important for all too many in Washtenaw County and around the state.