How Payday Loan Recidivism Traps the Working Poor

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How Payday Loan Recidivism Traps the Working Poor

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Lucas and Luna unpack the payday lending debt cycle, focusing on the Consumer Financial Protection Bureau's 2017 rule and the 2020 rollback. They cite the 36% APR cap model used by 18 states and the Pentagon's 2015 data showing 20% of active-duty service members used payday loans. The hosts explore how the average borrower takes out eight loans per year at 391% APR, and how 75% of payday loan fees come from borrowers stuck in 10-plus loans annually. They discuss the Payday Lending Rule's attempt to require ability-to-repay assessments and why it failed to survive the Trump-era deregulation. Luna challenges the narrative that payday loans are the only option for the unbanked, citing community bank alternatives and credit union pilot programs. A focused look at a $9 billion industry that extracts $4 billion in fees annually from low-income households. #PaydayLending #DebtTrap #ConsumerFinance #CFPB #WealthGap #IncomeInequality #PredatoryLending #FinancialJustice #Economics #FexingoBusiness #BusinessPodcast #WorkingPoor #APR #StateRegulation #CreditUnions #MilitaryLending #AbilityToRepay #EconomicJustice Keep every episode free: buymeacoffee.com/fexingo

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