Federal Rules Could Tame “Wild West” of Texas Payday Lending
Leonard Abbott of San Marcos had heard about the risks of pay day loans — the small-dollar, high-interest credit that will quickly trap borrowers in a morass of financial obligation. Nevertheless when unanticipated medical bills blew a opening inside the month-to-month spending plan a year ago, he felt he’d nowhere else to make. He took away a $500 loan, hoping to repay it in complete in 2 days. He sought more loans, until about a third of his $1,700 monthly take-home pay was going […]