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Federal Rules Could Tame Crazy Western of Payday Lending

Federal Rules Could Tame Crazy Western of Payday Lending

Leonard Abbott of San Marcos had been aware of the problems of payday loans — the small-dollar, high-interest credit that will quickly trap borrowers in a morass of financial money mart loans title loans obligation.

Leonard Abbott of San Marcos had heard about the problems of pay day loans — the small-dollar, high-interest credit that will quickly trap borrowers in a morass of financial obligation. But once unforeseen medical bills blew an opening in their 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 in complete 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 repaying interest and costs 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. “One thing that i did son’t recognize is, it does not make a difference just how many pay day loans you have got, you continue to be eligible for a more.”

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