DBO Study Shows Alarming Speed Of California Seniors Caught In Payday Lending Debt Trap

DBO Study Shows Alarming Speed Of California Seniors Caught In Payday Lending Debt Trap

OAKLAND, CA – The Ca Department of company Oversight (DBO) recently circulated its 2016 report in the state’s lending industry that is payday. The research revealed the true quantity of seniors caught into the financial obligation trap, age 62 and older, almost tripled since 2015. The analysis additionally revealed that apr (APR) for those pay day loans rose to 372 per cent, up from 366 percent reported when you look at the past 12 months and that the industry continues to be greatly counting on perform borrowers.

“the amount of seniors caught into the vicious payday lending financial obligation trap is concerning and indicative of this variety of team the industry goals,” stated Graciela Aponte-Diaz, Ca Policy Director in the Center for accountable Lending (CRL). “Struggling Ca seniors usually live off their social safety advantages or other fixed incomes to create ends meet. […]