DBO Study Shows Alarming Rate Of California Seniors Caught In Payday Lending Debt Trap
OAKLAND, CA – The California Department of Business Oversight (DBO) recently released its 2016 report on the state’s payday lending industry. The study showed the number of seniors caught in the debt trap, age 62 and older, nearly tripled since 2015. The study also showed that annual percentage rate (APR) for these payday loans rose to 372 percent, up from...