The Center for Responsible Lending’s (CRL) latest report on the long‐term cycle of debt of payday lending focuses on the costs to consumers on Colorado. Read the entire report at responsiblelending.org. Highlights include:
- Majority‐minority areas in Colorado (over 50% African‐American and Latino) are nearly twice as likely to have a payday store than all other areas, and 7 times more likely to have a store than predominately white areas (below 10% African‐American and Latino).
- Affluent communities of color have a higher likelihood of containing a payday store, when compared low‐income, predominately white areas.
- In 2015, payday loans drained $50 million in fees from Colorado consumers. The average Colorado consumer took out over three loans from the same lender over the course of the year, while one in four payday loans went into delinquency or default.