We call them financial obligation traps for the explanation: Payday financing has very long resulted in schemes that literally trap consumers in consecutive loans with obscenely high rates of interest.
Mike directs U.S. PIRGвЂ™s campaign that is national protect customers on Wall Street plus in the monetary market by protecting the buyer Financial Protection Bureau. Mike additionally works for more powerful privacy defenses and accountability that is corporate the wake regarding the Equifax data breachвЂ”which has made him extensive nationwide media protection in a number of outlets. Mike life in Washington, D.C.
Payday financing has very long generated schemes that literally trap consumers in consecutive loans with obscenely interest that is high.
They are called by us financial obligation traps for the explanation.
These tricks advertised to economically susceptible Д±ndividuals are precisely why the buyer Financial Protection Bureau (CFPB), under former Director Richard Cordray, developed the Payday Lending Rule, that was finalized in October 2017.Continue reading