DebtDoc Bankruptcy News Blog

Monday, 11 February 2019 04:36

Consumer Protection Bureau Discards Payday Loan Regulations

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The payday lending industry is massive and profitable in states where it is legal. Americans borrowed nearly $29 billion from payday lenders in 2017 and paid a whopping $5 billion in fees. It’s no surprise that the payday industry has vigorously fought to fend off regulation and reform devised under the Obama administration.

New regulations on payday loans were set to take effect later this year, but the Trump administration has moved to delay, and likely scrap most of the meaningful requirements. The New York Times reports that Kathleen Kraninger, the new director of the Consumer Protection Bureau, has proposed eliminating nearly all the regulation’s substantive requirements, including the “ability to repay” mandate. Sadly, this reversal in the bureau’s position, puts the interests of the payday loan industry ahead of those of consumers.

Many consumer advocates believe that payday loan operations are wantonly predatory. They deliberately target vulnerable consumers who need some extra cash to make ends meet between paychecks. According to the consumer bureau’s own data, half of all payday loans are repeating loans to cover the previously unpaid loan and represent cycles that stretch to at least 10 consecutive loans! These consumers are in a spiraling debt situation that is hard to break out of.

If you are struggling with unmanageable debt, including payday loan obligations, call attorney Chris Bush, at 619 295‑3322. He is an experienced bankruptcy attorney and consumer debt advocate. He’ll help you find the best solution to your debt burden and get back you on a track to financial freedom.

Read 342 times Last modified on Tuesday, 12 February 2019 20:12
Chris Bush

With over 12 years of experience and thousands of cases as a consumer bankruptcy attorney, Chris Bush is on the cutting edge of Bankruptcy and Student Loan Law. Chris can assist you in untangling the options to find the best solution for your specific debt relief case.

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