Lucas, predatory payday lenders profit off of low income communities that
don’t have access to banking services. These payday lending services
use exorbitant fees -- including interest rates of up to 400 percent --
to trap consumers in a vicious cycle of debt and poverty.
They can get away with such blatantly abusive practices because they often
have little-to-no oversight or regulation. That's why the Consumer
Financial Protection Bureau (CFPB), the agency created by Elizabeth Warren,
is stepping in to crack down on payday lenders.
They're accepting public comments on payday lending until October 7,
so make your voice heard before it's too late:
Add your name to let the Consumer Financial Protection Bureau (CFPB) know
you agree it’s time to stop predatory payday lenders from trapping
millions of Americans in debt.
These lending practices are exploitive, period. No one who takes out a
small loan to pay a utility bill or car payment should be forced into
endless cycles of debt.
But that's exactly how payday lenders make their money -- by taking
advantage of hardworking Americans just trying to make ends meet. They
rely on confusing fine print and crazy high fees to ensure borrowers are
forced to keep coming back through their doors.
This is our chance to rein in payday lenders, but we all need to make
our voices heard to make it happen.
Sign our petition to tell the CFPB to crack down on predatory payday lenders.
Keep fighting,
Rachel Colyer, Daily Kos
Paid for by the Stop the Trap Debt Campaign