Each year about twelve million Americans take away loans that are payday.

Each year about twelve million Americans take away loans that are payday.

The U.S. Customer Financial Protection Bureau called these loans “debt traps” and proposed brand guidelines that are new to manage the industry’s worst methods.

Payday improvements typically consist of interest rates of over 100% — much better compared to the 15% to 30per cent yearly interest rates on credit card debt.

Continue reading

Share Button