Star-Telegram: “Texas Legislature May Address ‘Cycle of Debt’ Caused by Payday Loans”

January 19, 2013

Excerpt: Legislators this year will once again try to combat some short-term lending practices that critics say prey on poor Texans. Credit access businesses, including payday lenders and auto-title loan businesses, have faced criticism for charging hefty fees to customers seeking loans. Last session, legislators passed a law that allows more oversight and tracking of these businesses, but a bill that would have addressed the so-called cycle of debt, where a borrower rolls over a short-term loan several times, did not pass. Read More on the Star-Telegram site>>