Payday Loan Rules Proposed by Consumer Protection Agency (@shearm @jbsgreenberg @nytimes)

Have you ever taken a payday loan? If so, you probably know just how costly they can be, and how they can lead to a spiral of uncontrollable debt. Luckily, new rules are being proposed to help protect people from inescapable debt. Some say the rules are going too far, others say they're not going far enough. What do you think?

Full article at The New York Times

"The rules would cover a wide section of the $46 billion payday loan
market that serves the working poor, many of whom have no savings and little
access to traditional bank loans. The regulations would not ban high­-interest,
short­-term loans, which are often used to cover basic expenses, but would
require lenders to make sure that borrowers have the means to repay them."

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