Pay day loans are dying. Problem solved? Not quite

Pay day loans are dying. Problem solved? Not quite

Payday installment loans are fast and convenient when you’re in a pinch, but they’re still maybe not just an idea that is good.

Payday advances — the “lifesavers” that drown you with debt — are in the decrease.

Fines and regulatory scrutiny over high prices and misleading methods have actually shuttered pay day loan shops throughout the country in the final couple of years, a trend capped by way of a proposition final summer time because of the customer Financial Protection Bureau to restrict short-term loans.

Customer spending on payday advances, both storefront and on line, has fallen by a 3rd since 2012 to $6.1 billion, in accordance with the nonprofit Center for Financial Services Innovation. Continue reading “Pay day loans are dying. Problem solved? Not quite”