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Consumer security agency, Congress balk at payday financing reform

— Jacquelyn Martin, Associated Press

Lerlyn Anderson required assistance with unanticipated bills. The Twin Cities woman turned to a payday lender because she was between paychecks.

She borrowed on time, what was supposed to be a two-week loan turned into a months-long ordeal of taking new loans to pay off old ones and ended up costing more in interest and fees than $500 when she couldn’t repay the $500.

“People are receiving robbed spending these loans,” Anderson stated. “You are often catch-up that is playing of great interest and costs.”

The buyer Financial Protection Bureau (CFPB) announced brand brand brand new guidelines this past year that aimed to help make payday lenders do more to make sure that borrowers have actually the methods to spend their loans back on time. However now the CFPB is wanting to postpone and perhaps gut that plan, and Congress recently toyed with killing it completely. Continuer la lecture