Fed guidelines could tame payday financing Marcos had heard about the problems of pay day loans – th

Fed guidelines could tame payday financing Marcos had heard about the problems of pay day loans – th

Tuesday

Leonard Abbott of San Marcos had been aware of the perils of pay day loans – the small-dollar, high-interest credit that will quickly trap borrowers in a morass of financial obligation. Nevertheless when unforeseen medical bills blew a gap inside the month-to-month spending plan year that is last he felt he’d nowhere else to show. He took down a $500 loan, hoping to repay it in complete in 2 months.

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