Payday loan was indeed criticized as the a financial obligation pitfall for center and you will lowest-earnings Texans. Which have the latest statutes from the User Financial Cover Agency, individuals could be equipped with the new defenses.
The former professor had simply transferred to Dallas to start good occupation from inside the transformation and you will is not able to generate his book. However with large charges, his personal debt ballooned to from the $3,five-hundred contained in this a point of months.
The newest laws and regulations introduced a week ago of the Consumer Monetary Security Bureau place stiff limits on pay day and you may car-label finance, like those Martinez made use of.