Breaking The Pattern Of Debt: Why We Truly Need The Payday Lending Rule We call them financial obligation traps for the explanation: Payday financing has very very long generated schemes that literally trap consumers in consecutive loans with obscenely high rates of interest. Writer: Mike Litt Started on staff: 2015B.A., University of Texas at Austin Mike directs U.S. PIRG’s national campaign to protect customers on Wall Street as well as in the economic market by defending the buyer Financial Protection Bureau. Mike additionally works well with more powerful privacy defenses and accountability that is corporate the wake for the Equifax information breach—which has gained him extensive nationwide news protection in…