The Pain of Payday Loans and a Note on Phantom Medical Debt

This week in consumer finance news

Andy Spears

1 min readJun 16, 2023

Payday loans bring pain and a new study reveals just how much: $3 billion extracted from low-wealth communities:

Report: Payday and Car Title Loans Drain $3 Billion a Year from Low-Wealth Communities | Advocate…

Triple-digit interest rates and car repossessions result in financial pain for borrowers. The Center for Responsible…

original.newsbreak.com

And if you think payday loans are painful, check out the pain caused by Phoenix Financial collecting on medical debt that wasn’t owed — and ruining consumer credit in the process:

Phoenix Financial Services Fined for Illegal Medical Debt Collection | Advocate Andy | NewsBreak…

Debt collector must pay $1.6 million fine, refund affected consumers. The Consumer Financial Protection Bureau (CFPB)…

original.newsbreak.com

Speaking of payday loans, check here to find out where your state stands on payday lending interest rates.

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