Report: Payday Loans Trap 300,000 Ohioans in Debt
Ohio now has more than 16-hundred payday lending stores that offer short-term loans. But consumer advocates and advocates for the poor have just released a study, estimating that hundreds of thousands of Ohioans are financially trapped by the loans for months or years.
The activists are pushing for new limits on the interest rate. But the industry is defending its practices. Statehouse correspondent Bill Cohen reports