Maine Students At For-profit Colleges Carry Heavier Debt Load, Report Finds

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Marina Villeneuve
The non-partisan Center for Responsible Lending says the debt burden falls on low-income, female and minority students who disproportionately enroll at Maine for-profit schools. About 75 percent of students at such institutions take on student loans, compared with 66 percent and 41 percent, respectively, at private and public institutions.

Low-Income Tax Blues: April Can Truly Be the Cruelest Month

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Bobbi Murray | Capital and Main
Yet banks are very much involved in the lives of the unbankable. They securitize and sell payday loan and car title loan debt. Title loans take the borrower’s car as collateral—when the note comes due the borrower can either re-borrow, pay fees or lose the car. Combined, these two loan types drain over $8 billion a year from consumers, said Diane Standaert, executive vice president and director of state policy at the Center for Responsible Lending. The average costs hit a 300 percent annual percentage rate. “Both types of loans are structured to keep borrowers stuck in long-term debt. The trap

Wells Fargo Directors: Don’t Blame Us. Blame Former Execs, CEO

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Thomas Lee | The San Francisco Chronicle
For Wells Fargo to truly fix itself, it needs to step up oversight of all of its businesses, said Michael Calhoun, president of the Center for Responsible Lending in Washington. “The test for the company is whether they can create products that benefits consumers and helps the bottom line,” Calhoun said.

The Country Has Racked Up $1 Trillion In Credit Card Debt

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Leticia Miranda | BuzzFeed.com
Mike Calhoun, the president of the Center for Responsible Lending, told BuzzFeed News that the record levels of credit card debt shows that financial regulations introduced after the 2008 crisis did not kill the market for consumer lending, as the industry and some government officials believed they would.

How to Get the Best Rate on an Auto Loan

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David Muller | Car and Driver
You may have finally found the perfect automobile. It is the make and model you want, with the right options, and even the right color. Now comes closing the deal on it. If you’re not flush with cash—in other words, you seek a loan—it’s important to know what you’re up against.