Georgia considers loans that are payday dangerous to borrowers that they’re prohibited within state lines. U.S. army officers testified before state lawmakers that the interest that is high short-term paycheck improvements drown sailors and soldiers with debt. The U.S. Consumer Financial Protection Bureau, a federal consumer watchdog agency, planned a crackdown at one point.
Then when a Kennesaw State University study figured borrowers whom remove a long sequence of payday loans fare better than those whom don’t, industry advocates tried it to fight down the prepared crackdown. A Washington, D.C., lobbyist hand-delivered the report to a key administrator with the federal agency times before its general public launch, recently-released KSU e-mails reveal. Continue reading