Breaking The Pattern Of Debt: Why We Require The Payday Lending Rule
We call them financial obligation traps for a explanation: Payday financing has very very long resulted in schemes that literally trap consumers in consecutive loans with obscenely high interest levels.
Writer: Mike Litt
Started on staff: 2015B.A., University of Texas at Austin
Mike directs U.S. PIRGвЂ™s campaign that is national protect customers on Wall Street plus in the monetary market by defending the buyer Financial Protection Bureau. Mike additionally works well with more powerful privacy defenses and accountability that is corporate the wake regarding the Equifax information breachвЂ”which has attained him extensive nationwide news protection in many different outlets. Mike life in Washington, D.C.
Payday financing has very long resulted in schemes that literally trap consumers in consecutive loans with obscenely interest that is high.
We call them financial obligation traps for the explanation.
These tricks advertised to consumers that are financially vulnerable precisely why the customer Financial Protection Bureau (CFPB), under previous Director Richard Cordray, created the Payday Lending Rule, that was finalized in October 2017.