Testimony: Seniors Vulnerable to Predatory Payday Loans
On July 24, 2013, Rebecca Borné, senior policy counsel for CRL, testified before the Senate Special Committee on Aging on how payday lending affects senior citizens. In her testimony, Rebecca made the following points: CRL Testimony Watch Rebecca's testimony. The Payday Trap Watch Annette's testimony. Payday loans are designed to create a long-term debt trap. Payday loans cause borrowers severe harm, leaving them worse off than they were before the first payday loans. Payday loans were legalized only in relatively recent years based on the claim they would be used for emergencies, but they...