Breaking The Pattern Of Debt: Why We Truly Need The Payday Lending Rule

Breaking The Pattern Of Debt: Why We Truly Need The Payday Lending Rule

We call them debt traps for a explanation: Payday lending has long resulted in schemes that literally trap consumers in consecutive loans with obscenely high interest rates. Mike directs U.S. PIRG’s national campaign to protect customers on Wall Street as well as in the monetary market by protecting the Consumer Financial Protection Bureau. Mike also works for stronger privacy protections and accountability that is corporate the wake regarding the Equifax data breach—which has earned him widespread nationwide news coverage in a number of outlets. Mike everyday lives 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 debt traps for a reason.

These tricks advertised to economically susceptible consumers are why the buyer Financial Protection Bureau (CFPB), under former Director Richard Cordray, created the Payday Lending Rule, that was finalized in October 2017. But, in January 2018, the brand new acting director associated with the customer Bureau, Mick Mulvaney, announced it, to change it or to roll it back that he is opening this rule up for reconsideration—to delay. Continue reading “Breaking The Pattern Of Debt: Why We Truly Need The Payday Lending Rule”