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Protecting Consumers from Unreasonable Credit Rates Act
Quick Hit
by Ashlee Rezin
9:11am
Fri Jun 7

Consumer Advocates Say Payday Lending Worsens Debt, Call For Federal Ban

Consumer advocates are calling for a ban on all types of payday lending, saying that without regulatory federal laws, millions of borrowers charged triple-digit annual percentage rates (APR) will continue to be trapped in never-ending cycles of debt.

“Payday lenders destroy wealth in the middle class,” said Robert Lawless, co-director of the University of Illinois Program on Law, Behavior and Social Science.

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