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theoriginalharbinger t1_iudtuqr wrote

Reply to comment by partyongarth788 in No-interest loan but interest was dumped into my account after it was not fully paid off by a certain date by RevolutionaryLion384

> during the last administration

Errrr... what? Deferred interest loan regulations haven't changed at all for consumer credit under Obama, trump, or Biden, and have long been a cornerstone of providers who issue credit on their own books.

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partyongarth788 t1_iug775s wrote

While I'm not finding a specific regulation specifically focusing on this, the zero payments until the end of the loan term, Dodd-Frank did include consumer protections that appear to have impacted such loans. Prior to Dodd Frank many firms offered zero interest zero payment options. Afterward, these same firms only offered zero interest with ongoing payments. Through the early 2000s I used to buy furniture & similar consumer products and make no payments until a month or two before the loan was due. It worked for me, but those either less financially disciplined or of lesser financial capability often found themselves owing something at the end and having to pay all the terms interest.

Much of Dodd Frank was repelled in 2018.

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