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Feds Plan Cash Advance ‘Financial Obligation Trap’ Crackdown

Regulators prepare brand brand brand new rules about payday advances

The government that is federal Thursday brand brand new intends to break straight down on pay day loans and tighten defenses when it comes to low-income borrowers who use them.

Meant being a way that is short-term escape monetary jam, the customer Financial Protection Bureau (CFPB) claims pay day loans can be “debt traps” that harm many people around the world. Continue reading

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