tag:blogger.com,1999:blog-3238729503179326720.post4924805822697330384..comments2013-04-29T02:40:55.745-07:00financedocumentarieshttp://www.blogger.com/profile/02965288258151945807[email protected]Blogger1125tag:blogger.com,1999:blog-3238729503179326720.post-60263932065751175082013-04-29T02:40:55.745-07:002013-04-29T02:40:55.745-07:00Well, recent report by the Federal regulators Consumer Financial Protection Bureau (CFPB) revealed how the banks offered short-term credits and gradually made the consumers fall into a never-ending debt trap. Banks also offer short-term, high-interest credit in the form of deposit-advance products. The regulators have decided to keep such lending practices under strict control. The banks will be required to determine a borrower’s financial status before allowing him such financial aid. Apart from that, they’ll need to disclose the APR to the consumers, and have to wait for a billing cycle before allowing instant credit to the same customer. Stacy Barbeehttp://www.ovlg.com/blog/author/stacy/[email protected]