Pew Survey: Payday Loans Fail to Work As Advertised

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Research shows that the average payday loan is $375

WASHINGTON -- A new report from The Pew Charitable Trusts, Payday Lending in America: How Borrowers Choose and Repay Payday Loans, sheds light on the decision 12 million Americans make every year to use a payday loan. Pew's survey results reveal that people choose these loans to avoid outcomes like long-term debt, borrowing from family or friends, overdraft fees, and cutting back further on expenses. But the average loan requires a repayment of more than $400 in two weeks, the typical duration, when the average borrower can only afford $50. When borrowers have trouble paying off the loan, they return to the very same choices they initially tried to avoid.

Mitt Romney's concession speech

Republican presidential candidate Mitt Romney wished President Barack Obama success "in a time of great challenges." The following is the former Massachusetts Governor concession speech Tuesday night in Boston, as transcribed by Roll Call: