brand New defenses for pay day loan borrowers are arriving (if Congress will always be taken care of)

brand New defenses for pay day loan borrowers are arriving (if Congress will always be taken care of)

The Consumer Financial Protection Bureau this month issued a final rule to create new protections for payday loan borrowers after years of research and public consultation. These brand new defenses are an essential and good step that is first eliminating your debt trap that therefore often benefits from high-interest, predatory loans — and nowhere significantly more than Oklahoma, where we now have the greatest cash advance usage rate within the country.

The brand new defenses won’t shut down all use of costly loans, nonetheless they will suppress the techniques almost certainly to get borrowers with debt traps, with mounting charges and interest costs on loans they just can’t manage to repay. Continue reading “brand New defenses for pay day loan borrowers are arriving (if Congress will always be taken care of)”