Catholic News Service: Payday lending a top obstacle to financial independence for the poor

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NEWS BRIEFS Feb-13-2015
By Catholic News Service
U.S.

WASHINGTON (CNS) — You’ve seen the ads that boast of zero percent interest on new-car loans? Well, how would you like to pay back a loan that has 400 percent interest? That’s what’s happening today in the payday lending industry. The federal Consumer Financial Protection Bureau is expected to issue some proposed regulations, perhaps as early as the end of February, to rein in an industry that does $46 billion in business each year.

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