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Payday Loans

U.S. Sen. Dick Durbin of Illinois is on hand Thursday to counter Republican spin at the party's convention in Tampa, Fla. (CBS)

Durbin Proposes Cap On Interest Rates For Payday Loans

Senator Dick Durbin said today that some of the nation’s biggest banks are now offering what are essentially payday loans, with interest rates as high as 400-percent.

04/26/2013

Phone

FTC Warns Of $5M Debt Collection Phone Scam

It’s a scam so big thousands of people here in Chicago and around the country lost $5,000,000; and the Federal Trade Commission is still adding it up.

CBS 2–02/21/2012