The Daily Item, Sunbury, PA

Business

March 31, 2014

The Color of Money: The familiar trap of payday loans

(Continued)

 "We have to make sure regardless of what channel a borrower uses to take out a payday loan, there needs to be strong ability-to-repay standards," Feltner said.  

Come on, CFPB. Make a regulatory move. No payday loan should be made without assessing a person's ability to repay -- and repay without repeated borrowing.

     Readers can write to Michelle Singletary c/o The Washington Post, 1150 15th St., N.W., Washington, D.C. 20071. Her email address is michelle.singletary@washpost.com. Follow her on Twitter (@SingletaryM) or Facebook (www.facebook.com/MichelleSingletary). Comments and questions are welcome, but due to the volume of mail, personal responses may not be possible. Please also note comments or questions may be used in a future column, with the writer's name, unless a specific request to do otherwise is indicated.

   

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