Tag: lending regulations
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Debt Spiral: How a $250K Loan Escalated to $21M and Cost a Home
Overview of a Startling Debt Case A disturbing financial anomaly is drawing attention from consumer advocates and legal experts: a borrower started with a $250,000 loan from a licensed moneylender and, despite making payments, the total owed ballooned to more than $21 million. Advocates say the case highlights the dangerous arithmetic of exorbitant interest rates,…
