Thursday, January 22, 2015

Payday loans

The NY Times has a discussion of payday loans, and whether and how they might be regulated. (See also my previous posts on payday loans.)


payday loansKevin J. Miyazaki/Redux for the New York Times
In his State of the Union address, President Obama presented a series of initiatives aimed at the middle class and the growing income inequality in the United States.
One thing on the minds of many working-class Americans is greater federal regulation of payday loans, the small, short-term high-interest loans that are currently under state jurisdiction. Critics of payday loans say they lead to a cycle of ballooning debt for consumers, who can rarely afford to pay them back and must take out more loans to stay afloat. But payday lenders say that strict rules would eliminate the industry and with it, the only viable lending option for people with bad credit.
Should payday loans be federally regulated?


1 comment:

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