Loan Protection

taberandrew via Flickr CC

Small, fast loans often lead to a cycle of ever-deepening debt, according to the Consumer Financial Protection Bureau. Lawmakers in New Mexico are considering whether to regulate the industry here further during the 2021 legislative session. Senate Bill 66 would cap the rates and fees so that they're in line with national averages with the aim of helping people in jeopardy avoid a pit of debt they can't climb out of. KUNM caught up with reporter Jeff Proctor to talk about the effort.