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Feds Plan Cash Advance ‘Financial Obligation Trap’ Crackdown

Feds Plan Cash Advance ‘Financial Obligation Trap’ Crackdown

Regulators prepare brand new rules about pay day loans

The government that is federal Thursday brand brand new intends to break straight straight straight down on pay day loans and tighten defenses for the low-income borrowers who use them.

Meant as a short-term option to get free from economic jam, the buyer Financial Protection Bureau (CFPB) states payday advances could become “debt traps” that harm many people in the united states.