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DBO Research Shows Alarming Speed Of California Seniors Caught In Payday Lending Debt Trap

DBO Research Shows Alarming Speed Of California Seniors Caught In Payday Lending Debt Trap

OAKLAND, CA – The Ca Department of company Oversight (DBO) recently circulated its 2016 report from the state’s payday lending industry. The analysis revealed the true quantity of seniors caught within the financial obligation trap, age 62 and older, almost tripled since 2015. The research additionally revealed that annual percentage rate (APR) of these payday advances rose to 372 per cent, up from 366 per cent reported when you look at the past 12 months and that the industry continues to be greatly counting on perform borrowers.

“the sheer number of seniors caught when you look at the payday that is vicious financial obligation trap is concerning and indicative of this types of team the industry objectives,” stated Graciela Aponte-Diaz, Ca Policy Director in the Center for accountable Lending (CRL). “Struggling Ca seniors frequently reside down their social protection advantages or other fixed incomes to create ends satisfy. […]

By |March 12th, 2021|what is titlemax|0 Comments
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