Payday Loan Rules Would Help low-Income grouped families avoid $8 Billion in Costs

Payday Loan Rules Would Help low-Income grouped families avoid $8 Billion in Costs

In 2007, then-Professor Elizabeth Warren reminded us that “it is impractical to purchase a toaster that includes a one-in-five potential for bursting into flames and burning straight down your house.” But {as she noted, it is fairly easy it’s entirely possible to buy a financial product with the same odds of causing financial ruin—payday and car https://cheapesttitleloans.com/payday-loans-me/ title loans can come with annual interest rates of 300 percent or more, leaving many borrowers worse off than before as she noted.

Today, the customer Financial Protection Bureau (CFPB) released regulations that are new assist just take these harmful financial loans from the rack. Read more