Consumer Financial Protection Bureau and Payday Loans
This is the new way in which America is trying to clean up its financial problems. Everything from student loans to reverse mortgages and even payday loans will come under scrutiny by the CFPB
Many students leave school with an enormous amount of debt. While the government does back many loans each year they are not usually enough for the student to survive on and therefore they borrow privately. Many of these private loans may have low initial interest rates until the student graduates and then jump significantly afterwards making the loans difficult to repay.
Reverse mortgages are another problem area the CFPB needs to look at. A reverse mortgage is simply a loan using your home as collateral. These loan companies focus on how much money you can draw from your homes collateral, and for how long. There are many hidden fees and high interest rates which are never discussed which eats heavily into the homes equity leaving very little if anything at the end of the term.
Payday loans are also on the list of financial problems facing the CFPB. While everyone expects to pay higher than normal interest rates for payday loans, they don’t expect the additional fees if the loan is not paid off in the prescribed time frame.
Read related story in USA Today. www.usatoday.com
and in the Wall Street Journal www.online.wsj.com
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