It seems like big banks are always going to be protected over the consumers’ interests. As this article points out, a little known practice by many big banks that gives banks huge fees are payday loans.
Apparently, many major retail banks are offering payday loans to their customers at very high fees, although they might not necessarily advertise this product. Consumer groups are fighting to keep payday loans out of large banks where they are not regulated as they are in the private sector. As a result, the FDIC is investigating this burgeoning practice in banks. Payday loans are generally a short term loan to float the customer to their next paycheck, but at exorbitant costs. If you find yourself getting a payday loan in order to meet your expenses, perhaps it is a good time to examine why you need that payday loan. If you cannot meet your monthly payments on credit cards and other debts, it is probably time to speak with a debt settlement attorney who can help reduce the amount you owe and avoid the high cost of these predatory payday loans and lenders.
Kevin Fallon McCarthy
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