The Daily Money: Predatory lending on the rise with inflation
It's Thursday. I'm Katie Wedell bringing you today's top headlines. And no, I did not win the Powerball.
Nobody did. The jackpot is now expected to surpass $1.5 billion for the next drawing on Saturday. The biggest prize ever was a $1.586 billion Powerball jackpot won by three ticket holders in 2016.
Thankfully you don't need to win the $745.9 million cash payout in order to afford Miller Lite's limited-edition Christmas Tree Keg Stand. It's just $49.99 (not including the tree or the keg 😒).
How a $3,000 repair ballooned into a $14,000 debt
Millions of low-income Americans, including many with poor credit scores, are the targets of the predatory loan industry, which offers quick, small-dollar loans with triple-digit interest rates to consumers who are unable to get money from mainstream banks or credit unions.
Paste BN is examining these loans as critics and supporters agree that they are becoming common across the country. Driving the trend is the staggering level of inflation gripping low-wage earners who need help paying for purchases over several installments.
A primer on the industry: What are payday loans and other types of predatory lending?
📰 More stories you shouldn't miss 📰
S&P 500, Dow, Nasdaq indices fall after another big rate hike. Fed says it expects more to come.
How much do Amazon delivery drivers make? Annual and hourly wage breakdown.
Lots of Twitter-related news as we continue to watch how things shake out:
Still banned: Musk says banned Twitter users, like Trump, won't be back for weeks
Study: Hate speech spiked on Twitter following Musk's takeover
Data privacy: Do users trust Twitter enough to hand over more data?
🕷️ Critter news 🐕
Some great news if you live in an area with a large deer population.
A new study found that making daylight saving time permanent could reduce the number of deer-vehicle collisions, potentially saving thousands of deer and dozens of human lives each year.
If you've ever been in even a minor deer collision you and your car's front end know there's no such thing. Permanent daylight saving time would allow for more light during peak traffic hours.
Don't miss our investment guide
Stay calm and invest on. Consider your choices – and what to invest in, and whether to do it yourself. Get more advice like this in Paste BN’s Personal Finance Investment Guide.
About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TLDR version: How decisions by the Federal Reserve, government and companies impact you.