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Viewpoint: Escaping your debt trap. This basically means, the balance would expand payday financial loans for customers.

Viewpoint: Escaping your debt trap. This basically means, the balance would expand payday financial loans for customers.

Michigan House Bill 5097 would “authorize certified providers of deferred present solution deals to make sure tiny loans.”

Pay day loans, short-term, high-cost financial loans, were justifiably criticized given that preferred device of predatory loan providers: a financing choice that usually traps families and people in a costly and possibly catastrophic period of financial obligation.

Michigan home Bill 5097 is a windfall for predatory lenders and a nightmare that is potential susceptible borrowers, writes Snodgrass. (Picture: Mark Ralston / Getty Pictures)