Payday loans may actually trap people in debt

2014-04-03T17:45:17+00:00

A recent report by the U.S. Consumer Financial Protection Bureau said that most people who depend on payday loans tend to end up paying more than they borrowed initially, because of the loans' high interest rates. Richard Cordray, director of the Consumer Financial Protection Bureau, mentioned that payday loans can become "debt traps" for the people [...]