Sentences with phrase «longer debt trap»

Not exact matches

«The rule is an important first step and will benefit some consumers who need relief the most, but a great deal of work is still needed to ensure that American families are no longer ensnared in the debt trap of high interest, abusive loans,» Michael Best, director of advocacy outreach at Consumer Federation of America, said in a statement.

The Consumer Financial Protection Bureau is proposing new rules to curtail payday lending practices the agency says can lead borrowers into long - term «debt traps.»

That meant your most expensive debt was the last to be paid off, trapping you in a cycle of debt longer.

These parents can fall prey to payday loans and get trapped in a vicious cycle of long - term, high - cost debt.

What begins as a quick fix for a financial emergency quickly spirals into a long - term debt trap.

«These myths about student loans can lead borrowers to poor financial decisions, not to mention trap them in debt for longer than they need to be,» said lead researcher Rebecca Safier.

The longer it takes to pay the loan back, the interest will continue to accrue and make it extremely difficult to pay off, and can lead you into what is known as a «debt trap» — taking out loan after loan to cover the new and quickly accruing fees.

But it wasn't until this spring, when the official leader of the Democratic party used her heft within the caucus to urge other Democrats to help ensure payday lenders could evade regulation nationwide, that her long advocacy for 400 percent interest rates and endless debt traps for the working poor became a political liability.