by thenewgreen

The new rules would likely affect consumers like Trudy Robideaux, who borrowed money from a payday lender in California to help cover an $800 car repair. When she couldn't repay the money right away, the lender offered to renew the loan for a fee.

"Ka-ching," Robideaux said. "You're hooked. You can feel the hook right in your mouth. And you don't know it at the time, but it gets deeper and deeper."

Before long, Robideaux was shuttling to other payday lenders, eventually shelling out thousands of dollars in fees.

"I was having to get one to pay another," she said. "It's a real nightmare."

Regulation needed, or buyer beware? wasoxygen -what do you think?