Payday Loan Writer
Here is scary news: the American public now has a negative net savings rate. Home prices, medical care, and college tuition are all growing faster than wages, while debt has become increasingly pervasive among American households.
Individuals are aware of the problem, as 82 percent now recognize household debt as a serious dilemma, according to a recent survey sponsored by the Center for American Progress. So, why isn't the issue atop the agenga for national policymakers? Where do they weigh in when it comes to instant payday loan use?
The Center for American Progress survey found that both Republicans and Democrats (by more than 80 percent margins) agree that:
- There should be more incentives for people to save money
- Online payday loan lending companies should provide simple and uncomplicated language that explains their charges and fees
- More education and counseling should be provided to customers
- There should be caps on the rates of interest that credit card companies charge
So why have no real efforts been made on these fronts? The Center for American Progress has launched an effort to draw broader attention, especially among lawmakers, to the issue of household debt and overall quick payday loan use.