UPDATE 1-US consumer bureau calls payday loans a trap, warns of new rules
April 24, 2013 at 15:06 PM EDT
WASHINGTON, April 24 (Reuters) - The U.S. consumer watchdog said high-cost, short-term loans often trap borrowers in a cycle of debt, warning in a report on Wednesday that new rules could be on the way for payday lenders and banks making similar loans.
