The Opening Bell 10/18/18: IL Rates for Payday Loans Can Reach 400%

(AP Photo/Rogelio V. Solis)

A overwhelming feeling in the financial sector is that The Federal Reserve will continue to raise interest rates in the US, but the Associated Bank Thought Leader, Chuck Garcia (EVP and Director of Commercial Deposits & Treasury Management at Associated Bank), knows that those rates and the way the US Treasury is being managed could majorly impact US businesses. And at 17:00, Steve Grzanich then turned to Nick Bourke (Director of Consumers Finance at the PEW Charitable Trust) to discuss how Illinois laws towards payday loans are dramatically burdening consumers because of the skyrocketing rates lenders can charge.