Federal regulators are proposing a significant clampdown on payday loan providers as well as other providers of high-interest loans, saying borrowers must be protected from techniques that find yourself turning out to be “debt traps” for several. Yet some customer advocates s

File picture from 2010 programs cash advance organizations, some available around the clock, in Phoenix, Arizona. (Photo: Ross D. Franklin, AP)

Battling over a proposed rule that is new payday advances began Thursday, with supporters saying it could protect needy borrowers and opponents warning it could cut use of credit and threatening a lawsuit. Read More “Battle on the cash advance industry starts”