We Need the CFPB’s Rule to Stop Payday Loan Debt Traps
Morning Consult A business model should not be based on profiting from customers’ misery. Yet payday and car-title loans are designed to trap borrowers in a cycle of re-borrowing and debt, often charging interest rates of more than 300 percent. Four out of five payday loans are renewed or “rolled over” within 14 days. There is an array of better credit options, including credit cards and small loa... Read more »