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Beware of predatory lending

Beware of predatory lending

By Daniel Gutierrez. CREATED Dec 12, 2012

There are still major issues involving predatory lending, despite recent legislation and regulatory reform. That's according to a new report from the Center for Resonsible Lending.

The group says they continue to find many people, typically the ones who can least afford it, are the victim of abuses in mortgage lending, credit cards, student loans and auto loans.

For example, they found borrowers with lower credit scores pay up to 68 percent higher monthly payments on private student loans than they would with safer federal loans.