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Feds Plan Cash Advance ‘Financial Obligation Trap’ Crackdown

Feds Plan Cash Advance ‘Financial Obligation Trap’ Crackdown

Regulators prepare new rules about pay day loans

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

Meant as a short-term solution to get free from monetary jam, the buyer Financial Protection Bureau (CFPB) claims pay day loans can be “debt traps” that harm many people around the world.

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The proposals being revealed would connect with different loans that are small-dollar including payday advances, automobile name loans and deposit advance services and products.