Brand Brand New Federal Action on Payday Lending Can Help Wisconsinites

MADISON – Advocates praised a guideline with brand brand new customer defenses which will reduce steadily the harms of short-term payday and lending that is car-title Wisconsinites, given yesterday by the federal customer Financial Protection Bureau (CFPB). This morning, the groups welcomed the new protections as an important step, while also calling on state and federal decision-makers to take additional action to stop the payday debt trap on a press conference call.

“Payday and vehicle title loans drive borrowers into monetary stress by trapping them in long-lasting financial obligation at triple-digit interest prices,” said Peter Skopec, WISPIRG Director. “These brand new defenses are good news. To cease your debt trap, there’s more work to accomplish.”

Payday lenders made a lot more than 115,000 payday advances in Wisconsin just last year, based on the Department of banking institutions. Read more