Today AARP submitted a letter to the Consumer Financial Protection Bureau (CFPB) commenting on the agency’s proposal to regulate the payday lending industry. For years, many of AARP’s state offices have engaged their state legislatures and governors to secure consumer protections for Americans who…
The Consumer Financial Protection Bureau (CFPB) is proposing new rules to restrict high-cost payday and car-title loans that often leave borrowers in worse financial shape.
UPDATE: Last week, we cited a report by The New York Times that a growing number of older adults are using their pensions as the basis to borrow cash -- and paying interest rates as high as 106 percent.
In this economic climate of relatively low interest rates, who pays 322 percent in annual interest for short-term loans? Consumers who repeatedly take on payday loans.
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