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Federal Rules Could Tame “Wild West” of Texas Payday Lending

Leonard Abbott of San Marcos had heard about the perils of pay day loans — the small-dollar, high-interest credit that may quickly trap borrowers in a morass of financial obligation. However when unforeseen medical bills blew a gap inside the month-to-month spending plan just last year, he felt he’d nowhere else to show. He took away a $500 loan, expecting to repay it in full in 2 months. 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 charges alone.

“The 2nd loan it kind of just snowballed,” said Abbott, a 53-year-old Department of Public Safety security officer at the state Capitol that I got was to help pay the first one, and. Weiterlesen

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