Credit card debt in the U.S. has reached a record high but around 23% of Americans are putting less money toward paying it down, per New York Life's survey.
Payday loans should also not exist yet skirt the federal regulations since most of the payday loans businesses are incorporated in or based in Indian reservations.
CCCs are really a form of high risk microloan products. As such the “high” APRs are justified. I think federal regulations do put a cap on the APR on loan products, but it’s still high af but not to the point of usury (ie, 100% APR)
Payday loans should also not exist yet skirt the federal regulations since most of the payday loans businesses are incorporated in or based in Indian reservations.
CCCs are really a form of high risk microloan products. As such the “high” APRs are justified. I think federal regulations do put a cap on the APR on loan products, but it’s still high af but not to the point of usury (ie, 100% APR)