Senate advances bill to cap small loan rates in New Mexico
(WorldNews Mexico)

SANTA FE, N.M. (AP) — A bill capping interest rates at 36% annually for low-dollar loans cleared the New Mexico Senate on Tuesday. Supporters argue that current law allows short-term loans to take advantage of the poor and send borrowers into a debt spiral. “Access to up to two triple-digit interest rate credit is like giving a starving person poisoned food. It doesn`t actually help them and...