It happens: you hit a rough patch, bills pile up, and all of a sudden you can’t make your car payment on time. You should have access to credit that can help you weather the storm.
But for many Americans, their only options are predatory “payday” loans, with sky-high annual interest rates averaging 400 percent and short repayment periods that trap people in a cycle of debt that’s incredibly difficult to break.
We should be giving Americans down on their luck a chance to get back on their feet, not turning their hardship into a long-term crisis.