A KRQE Information 13 Research
Posted: Mar 2, 2021 / 12:53 PM MST / Updated: Mar 3, 2021 / 04:59 PM MST
NEW MEXICO (KRQE) – It’s the sort of deal you’d expect you’ll make in a straight back alley later during the night. Yet in New Mexico, there’s a thriving industry that’s legally cashing in on billions of bucks. We’re referring to the storefront installment loan business. Each year, a lot more than 200,000 New Mexicans sign up for installment that is short-term at excessive interest levels, because high as 175per cent.
“It’s a tremendously threat that is serious. I do believe it is outrageous,” says Albuquerque lawyer Karen Meyers. Meyers headed up Attorney General Gary King’s Customer Division. “There are no policy reasons that help continuing to charge unjust, unaffordable, and loans that are exploitive” Meyers said. “No you ought to need to pay interest that is triple-digit on financing,” claims brand new Mexico focus on Law and Poverty lawyer Lindsay Cutler. Continue reading