Finally, some regulatory agencies are offering payday loan debt help to consumers. The United States has been reeling from a heavy economic recession for the past few years. The economic woes have hit the country hard, and blame has largely gone to regulators who were not responsible enough to do their job properly. Some of the regulators for the financial industry have gotten a lot of blame because they were considered pushovers when they tried to change the way Wall Street was acting. They really did little to help the people who stood to lose a lot. Finally, with that in the past, the regulatory agencies have started to offer payday loan debt help in the form of vehement resistance to laws.
Payday Loan Debt Help from Washington D.C.
The regulatory agency that has finally come to the aid of people with payday loan debts is called the Office of the Comptroller of the Currency, which has probably gone unheard of to many people before because of their light role in many different areas. They have been unable to make a name for themselves because they often lack the power and political will to defend or attack certain bills and regulations. However, they have finally come out in favor of consumer protection more pronouncedly.
On a House hearing at the end of July, the regulatory agency spokesman told other members that they are worried about how the industry has been able to charge over 400% or more on interest rates for people in payday loan debt. It is something that has been a function of the market, but still remains detrimental for the people who are stuck with the loans in the first place. Many regulatory agencies know that the interest rates should stand but often say nothing that will offend any industries that provide lots of money to political campaigns.
Getting Payday Loan Debt Relief
Still, many people need to think about their future even without the help of government regulatory bodies. They may be finally flexing their power so they do not get blamed for another debt catastrophe, but that does not mean they can change how you pay your bills. Get payday loan debt relief from a consolidator or find payday loan debt help from friends and family that can help you to pay the bills and live your life more comfortably.
