Payday Loans are Bad for Your Health, Study Says. Springfield Residents Share Stories

Payday loans

SPRINGFIELD, Mo. According to a recent study, payday and car title loans can make you sick. Literally. Just ask Patricia Reynolds and Barbara Burgess.

The two Springfield women say years of stress and anxiety over high-interest loans have caused health problems including high blood pressure, insomnia, stomach issues and swollen joints.

The report titled When Poverty Makes You Sick: The Intersection of Heath and Predatory Lending in Missouri, was released locally at a press conference Wednesday at the Pitts Chapel United Methodist Church in Springfield.

There, 73-year-old Reynolds shared her story. The retired nurse said an unusually high utility bill drove her to get a payday loan back in 2010. She spent the next eight years in what she described as a horrible cycle of taking out more loans to stay caught up.

With help from a local program called University Hope, Reynolds was able to pay off her payday loans last year.

To read the rest of this story visit Springfield News-Leader:

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