Consumer Financial Protection Bureau Finds Four Out of Five Payday Loans are Rolled Over or Renewed

Research Shows the Majority of Payday Loans Are Made to Borrowers Caught in a Revolving Door of Debt

WASHINGTON, D.C. –(ENEWSPF)—March 25, 2014. Today the Consumer Financial Protection Bureau (CFPB) issued a report on payday lending finding that four out of five payday loans are rolled over or renewed within 14 days. The study also shows that the majority of all payday loans are made to borrowers who renew their loans so many times that…