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Released: April 24, 2013
Payday loans trap people in a cycle of debt, U.S. watchdog says
Source: Alejandro Lazo, Los Angeles Times (Free Registration)
Payday loans often trap consumers in a cycle of debt, a new report by the federal government finds.
The Consumer Financial Protection Bureau found that the average consumer took out 11 loans during a 12-month period, paying a total of $574 in fees — not including loan principal. A quarter of borrowers paid $781 or more in fees.
Read Full Article: Payday loans trap people in a cycle of debt, U.S. watchdog says
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