Re:Consumer Protection Bureau Aims to Roll Back Rules for Pa...
by chris_va on Wednesday February 06, 2019 @05:52PM
(#19100964)
"Also, the official, who spoke to journalists on condition of anonymity, said that if the rule had kicked in, some two-thirds of borrowers wouldn't qualify for a payday loan."
... pretty brutal. From the CFPB[1], 82% of loans are renewals, and ~50% are longer cycles of debt. So, naively, of the 66% of people no longer eligible, one might expect 75% (50%/66%) of those to be stuck in a debt cycle and 25% (16%/66%) to no longer have access to credit.
... pretty brutal. From the CFPB[1], 82% of loans are renewals, and ~50% are longer cycles of debt. So, naively, of the 66% of people no longer eligible, one might expect 75% (50%/66%) of those to be stuck in a debt cycle and 25% (16%/66%) to no longer have access to credit.
[1] https://files.consumerfinance.gov/f/201403_cfpb_report_payda...