Tougher payday loan rules issued by consumer protection bureau to remain in place … for now

The rules, which won’t take effect until August 2019, require payday lenders to determine upfront the ability of potential borrowers to repay short-term loans of 45 days or less. If the short-term loan period expires and the debt is unpaid, borrowers can face painful charges or be forced to refinance the loan, creating what consumer advocates see as a debt trap.