Who do low-income Americans turn to when faced with immediate bills and don’t have the money to pay them? Most turn to the payday loan industry, which offers short-term loans in exchange for high fees and interest rates. These loans are usually $500 or less and are called payday loansRead More →
The Consumer Financial Protection Bureau this week released new payday loan rules. Consumer advocates say the rules will help low-income people and families trapped in endless cycles of debt. The industry argues that payday loans provide an option for people facing unforeseen expenses or financial emergencies. The rules could crippleRead More →
Dan Kitwood | Getty Images The government’s consumer watchdog is cracking down on payday loans. The Consumer Financial Protection Bureau announced Thursday that it has finalized rules targeting the payday loan industry. Rates on these short-term loans can reach 390%, and troubled borrowers often borrow again, racking up fees andRead More →