Bankruptcy news of the day:

An article from Detroit Free Press.

Excerpt: “‘The Price is Right’ is playing on the TV in the living room of her tiny apartment, but Patricia Guy sees nothing right about the price she’s paying for a quick-fix loan shortly after seeing a TV ad for online lender Western Sky.

She will owe $11,412.12 over four years in interest alone after receiving $2,525 in credit. The annual percentage rate is 139.13%.

Since she took out a loan in February, she has already paid more than $1,500. Next month, another $294.46 is set to come out of her credit union account, tapping into her monthly Social Security payment and pension.

“All of that is interest, just interest,” said Guy, 62, who once worked as a welder at a General Motors factory in Lansing. She needs an oxygen tank now and has faced many medical bills to deal with her health. The TV ad for Western Sky sounded promising because it talked about a way to pay off her two payday loans.

The Michigan Department of Insurance and Financial Services is moving to stop Western Sky from doing business in the state. A hearing is scheduled for Sept. 24…”

 

Keep reading at the link below!

Credit to original article: http://goo.gl/1pXPOU