14 Aug Breaking The Pattern Of Debt: Why We Need The Payday Lending Rule
We call them debt traps for the reason: Payday financing has long generated schemes that literally trap consumers in consecutive loans with obscenely interest that is high. Mike directs U.S. PIRG’s campaign that is national protect consumers on Wall Street as well as in the monetary marketplace by defending the Consumer Financial Protection Bureau. Mike additionally works for stronger privacy protections and business accountability in the wake associated with the Equifax data breach—which has received him extensive national news protection in many different outlets. Mike life in Washington, D.C. Payday financing has long generated schemes that literally trap consumers in consecutive loans with obscenely interest that is high.
We call them financial obligation traps for the reason.
These tricks marketed to economically vulnerable individuals are exactly why the customer Financial Protection Bureau (CFPB), under former Director Richard Cordray, created the Payday Lending Rule, which was finalized in October 2017.