US cracks down on ‘payday’ loans
Regulators say high-interest lending practice has pushed millions of Americans into long cycles of debt.
Published On 26 Apr 2013
Financial regulators in the United States have said they are tightening the guidelines on short-term “payday” loans.
Economists believe the high-interest lending practice has pushed millions of Americans into a steady cycle of debt.
Around 11million Americans borrow from these companies, known as payday loan stores.
Al Jazeera’s Tom Ackerman reports from Washington.
Source: Al Jazeera