“Choosing between bank loans and equity financing (Los Angeles Times)” plus 1 more |
| Choosing between bank loans and equity financing (Los Angeles Times) Posted: 22 Feb 2010 12:13 AM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. Terms of Service | Privacy Policy | Los Angeles Times, 202 West 1st Street, Los Angeles, California, 90012 | Copyright 2010 Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Despite reforms, costly loans and cards remain (Washington Post) Posted: 22 Feb 2010 04:06 AM PST Message from fivefilters.org: If you can, please donate to the full-text RSS service so we can continue developing it. A sweeping credit card law that takes effect Monday was supposed to prevent banks from employing tactics that yanked borrowers deeper into debt. Yet an array of loans and cards with crushing terms still beckons from every corner. Consider a subprime credit card that now comes with a 59.9 percent interest rate. There are also payday loans and prepaid cards, both of which can come at steep costs. The lenders serving risky borrowers say high fees and interest rates are necessary because their customers are more likely to default on loans. Restrictions on what they charge could put them out of business, and leave the neediest with no options at all, they say. President Barack Obama is nevertheless pushing for the creation of a consumer protection agency that would consolidate oversight of such products, but its fate is uncertain amid negotiations for broader financial reforms. Meanwhile, advocacy groups say the crescendo of public anger toward the credit card industry, and the resulting reforms, show the need for greater consumer protections. Already, about a quarter of U.S. households either don't have a relationship with a bank or nevertheless rely on alternative financial services such as payday loans, according to a first-of-its kind FDIC study. "It's in nobody's interest to lend people money they can't afford to repay," says Kathleen Day of the Center for Responsible Lending. "If the economic crisis we're in now doesn't underscore that for lawmakers, what will?" In the absence of closer oversight, here's a look at three common resources for strapped borrowers: payday loans, prepaid cards and subprime credit cards. ------------- PAYDAY LOANS There are about 22,000 payday lending branches around the country, compared with 14,000 McDonald's restaurants. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. This posting includes an audio/video/photo media file: Download Now |
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