payday loans

From Texas StandardOfficials say about 10,000 Texans paid up to $50 million in debts they didn’t owe.

The Federal Trade Commission says one Kansas man, Joel Tucker, got his hands on some very valuable data like social security numbers and banking information. But FTC attorney Michael Tankersley says they don’t know how Tucker allegedly got this info. Tucker himself has not commented on the charges.

From Texas Standard:

The Catholic Church, no stranger to controversy on a constellation of topics, has become rather pointed on one political matter – payday lending.  The Diocese of Fort Worth has now asked the city to strictly regulate the industry in the only major city in the state without any such regulations.

Bishop Michael Olson, head of the Diocese of Fort Worth, issued the call to action. He says that the Catholic charities in the city saw a pattern with the people they were assisting: many of them had fallen into a cycle of debt.

 


Last week, the Consumer Financial Protection Bureau proposed new rules on predatory lenders to stop pay-day and auto-title lending from becoming debt traps. While supportive, a number of consumer-advocate groups say the provisions don't go far enough. Some like the Pew Charitable Trust have called the new rules a "missed opportunity."

From Texas Standard:

The average American family will spend $900 this holiday season. If you are among the lucky 22 percent of Americans who will get a bonus this season – that's probably what you'll use. The majority of us in situations like these that require extra cash look for alternatives.

Perhaps you've seen commercials like this oneA camera zooms in and out shooting some pretty nice trucks and cars. Vehicle owners point to bumper stickers that reflect their personalities. The images in the commercial may vary but the message is the same: if you own your car, borrow money from us. Just let us keep your car title as security.

 


Flickr user Rambergmediaimages / cc

According to a study released Monday, San Antonio leads the nation in credit card debt. While the city's residents and others across the country purchase less on their credit cards, it is still catching many in a vicious cycle. 

Why is San Antonio running up such a bill? What resources exist in the community to help?

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