Lisa Servon of the Stuart Weitzman School of Design spoke about the hazards of short-term, high-interest loans, which people of color, single parents, and low-income people are most likely to rely upon. “The situation that you want to avoid is people that are getting in over their head and going into this cycle in which they’re taking out a loan, not paying it back, paying the fee again for the second loan, and again and again, until they’re paying back way more than they borrowed,” Servon said.

July 9, 2020 ・ From Marketplace (NPR)