Recently the subcommittee on oversight and investigations associated with U.S. home Committee on Financial solutions held a hearing in Washington, D.C., about federal tries to reign within the worst techniques of short-term lenders (i.e., payday and car name loan providers) whom prey upon on poor and working families.
If you’re among those families or understand somebody who has become caught with debt due to these loans, you should have been surprised and disappointed.
The hearing, including Lubbock’s U.S. Rep. Randy Neugebauer, assailed the U.S. customer Financial Protection Bureau and its own tries to reign within the predatory methods of this payday and automobile name industry that is lending. We in Lubbock have grown to be all too knowledgeable about these financing clothes, which invest lavishly on ads and promotions that imply these loans are really “easy cash,” but which in truth carry exorbitant interest and charges – often totaling a lot more than 600 % interest. Read More “Rodriguez: Payday financing leads to cycle of financial obligation”