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Assist Mom Jones’ reporters dig deep with a tax-deductible donation. AMY GOODMAN: Whereas the legislation’s supporters say the bill will assist the island cope with its debt disaster by permitting an orderly restructuring of its $72 billion in bond debt, critics say it’s a reversion to previous-style colonialism that removes democratic management from the people of Puerto Rico. Nevertheless, research shows that almost all borrowers can afford not more than 5 percent whereas still masking fundamental expenses. Pew has conducted in depth research on the excessive-price small-dollar loan market over the past five years. And the way these bonds work could be very very similar to a payday loan, the place, because you’re not allowed to pay again the principal or the curiosity for many years, and over time the interest retains compounding, you end up with these astronomical curiosity charges. While Utah legislation doesn’t specify the number of instances you may roll over a payday loan, your loan time period can’t prolong beyond ten weeks of the loan’s start date. And so, what occurred over there was, since you had the state of affairs the place, you understand, Puerto Rico is a colonial financial system and not in control of its personal finances at the top of the day, there’s a lot pressure that’s coming from the outside, as a result of these points couldn’t be resolved. A multi-pay payday loan provides you the money you want and the power to pay it off in set funds over time.