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Federal Rules Could Tame West that is wild of Lending

Leonard Abbott of San Marcos had heard about the risks of pay day loans — the small-dollar, high-interest credit that may quickly trap borrowers in a morass of financial obligation.

Leonard Abbott of San Marcos had heard about the potential risks of pay day loans — the small-dollar, high-interest credit that may quickly trap borrowers in a morass of financial obligation. Nevertheless when unanticipated medical bills blew a gap inside the month-to-month budget year that is last he felt he’d nowhere else to make. He took away a $500 loan, looking to repay it in complete in 2 days. As he couldn’t, he desired more loans, until about a 3rd of their $1,700 month-to-month take-home pay had been going toward paying rates of interest and fees alone.

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