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Displaying results 1 - 10 of 99 items found.

1. Springing the Debt Trap-Exec Summary

(Web Page; Wed Aug 18 13:00:00 CDT 2010)

Payday loans carry an annual interest rate of 391 percent and are so difficult to pay off that many borrowers end up paying more in interest than they originally borrowed, as documented in our report entitled, Financial Quicksand. Payda...

2. Payday Lending and the Debt Trap in California

(Web Page; Thu Aug 19 14:07:00 CDT 2010)

Payday lending—the provision of 459% APR loans to cash-strapped borrowers—drains more than $450 million from California's pockets every year. Payday lending requires borrowers to supply a post-dated check as collateral and t...

3. Payday Lending 'Debt Trap' Siphons $3.4 Billion from Borrowers

(Web Page; Thu Dec 10 17:24:00 CST 2009)

Listen to payday lending telenews event (RealAudio) Durham, NC -- Unwary U.S. borrowers who rely upon high-interest payday lending for quick cash are caught in a "debt trap" that costs them $3.4 billion each year, according to a report ...

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4. State Treasurer Giannoulias Tackles 'Debt Trap' Issues

(Web Page; Mon Aug 30 12:32:00 CDT 2010)

Since stepping into the role of state treasurer in 2007, Alexi Giannoulias has worked aggressively to protect Illinois residents from the ills of predatory financial products. Teaming up with other officials, as well as banks and credit ...

5. Springing the Debt Trap

(Web Page; Wed Aug 18 13:23:00 CDT 2010)

Read the Executive Summary Ask Congress to Support a 36% Cap 36% Cap Springs the Trap Measures short of an interest rate cap fail to fix payday lending problem The debt trap of payday lending persists even in states that have put restr...

6. Payday Loans: Fast Cash, Expensive Debt Trap

(Web Page; Mon Aug 30 10:04:00 CDT 2010)

While many states regulate payday loans and a federal law ultimately could abolish the practice on a national level, quick-cash loans remain perfectly licit in California for the time being. The state is a hub for the industry -- particu...

7. Cash Advance? Beware - It's a Debt Trap

(Web Page; Wed Aug 18 10:42:00 CDT 2010)

Flyer outlining the dangers of the payday loan debt trap. Compare "apples to apples."

8. Overdraft Loans Trap Borrowers in Debt

(Web Page; Wed Aug 18 11:34:00 CDT 2010)

OVERDRAFT LOAN = HIGH-COST NO-CHOICE CREDIT Protection? More like small loans with abusive terms. Banks and credit unions now enroll many of their account holders into the most expensive option for covering overdrafts—an option cus...

9. Payday Loan Debt Traps

(Web Page; Mon Aug 30 09:58:00 CDT 2010)

Despite Maryland's 24 percent to 33 percent interest-rate ceiling on payday loans, lenders have found a technicality in state regulations that allows them to charge over 600 percent in annual interest. By using a large origination fee ch...

10. Payday Lending: How the Debt Trap Catches Borrowers

(Web Page; Wed Aug 18 10:46:00 CDT 2010)

Payday Lending: How the Debt Trap Catches Borrowers Before making a loan, legitimate lenders assess the ability of potential borrowers to repay it. Payday lenders do not. In fact, their business is built on making loans borrowers cann...