These reforms are sorely required, as payday and title lending change a revenue regarding the backs of cash-strapped families.

These reforms are sorely required, as payday and title lending change a revenue regarding the backs of cash-strapped families.

In 2007, then-Professor Elizabeth Warren reminded us that “it is impractical to purchase a toaster which includes a chance that is one-in-five of into flames and burning down your house.” But as she noted, it is fairly easy to get a economic item with similar probability of causing economic ruin payday and vehicle name loans come with yearly interest levels of 300 % or higher, making many borrowers worse off than before. Continue reading “These reforms are sorely required, as payday and title lending change a revenue regarding the backs of cash-strapped families.”