by guest blogger Caitlin Watkins Twelve million Americans take out payday loans every year, according to a 2013 Pew report. Payday loans are short-term, high-interest loans – Pew estimates the annual interest rates on such loans at 400%. Folks choose these loans because they are strapped for cash and need money to pay important bills Continue Reading
The interest rate on subsidized Stafford loans is set to double from 3.4% to 6.8% for new loans starting July 1, 2012
Interest rates on subsidized Stafford student loans set to double in July unless Congress acts
The cost of higher education is skyrocketing, and students often end up graduating with massive debts as a result. Student loan borrowers are also defaulting on their loans at a higher rate than ever before.
August 8, 2011 Office of Comptroller of the Currency 250 E Street, SW Mail Stop 2-3 Washington, D.C. 20219 Re: OCC Guidance on Deposit-Related Consumer Credit Products, Docket ID OCC-2011-0012 Dear Acting Comptroller Walsh: With this proposed guidance the OCC missed an opportunity to truly protect consumers from concerns raised by overdraft loans and Continue Reading
Leah Plunkett, a staff attorney with the National Consumer Law Center, on how fast cash lending is bad for our financial health
Consumers Union funded a report written by the National Consumer Law Center that shows the need for states need to be on the front line defense against predatory lending.
Get the Facts About Overdrafts and Fees Is Your Bank Asking You to Opt-In to Steep Overdraft Fees? Just Say No to Debit Card Overdrafts! New Rules Issued by the Federal Reserve The Federal Reserve issued new rules requiring banks to get consumers’ consent or “opt‐in” to pay overdraft fees for debit card single purchase Continue Reading
November 30, 2010 As financial institutions continue their campaigns to persuade consumers to agree to pay steep fees for debit card overdrafts, we urge the National Credit Union Administration to adopt stricter supervisory guidance to curb ongoing overdraft abuses. We make the following specific recommendations: • End excessive overdraft fees at NCUA-supervised credit unions: • Continue Reading