From the PICO National Network (http://www.piconetwork.org):
A horrible car accident and Tammie’s broken neck meant that she couldn’t work. With only her husband’s income to support the family, debt piled up. As a pastor, I know that robbing people in their time of desperate need – charging 300% interest on a small dollar loan – is not right.
In just 3 weeks, the Consumer Financial Protection Bureau (CFPB) will begin to finalize national rules on payday lending, based on our public comments. We know that the payday industry is working to keep these rules as weak as possible by submitting as many comments as possible. As people of faith, we must rise up to protect our families.
Will you help us protect families like Tammie and Brian by telling the CFPB to #StopTheDebtTrap by creating strong rules against predatory payday lending? Every comment counts and you can submit more than one at http://faithforfairlending.org/PICO/.
Many people in my church have gotten swept in the cycle of debt that comes with payday lending.
Tammie and Brian’s loan spiraled them into a cycle of debt and shame that haunted them for years. “It wasn’t just the money,” Brian says, “It was the shame and loneliness we felt every time the money was taken from our bank account.”
As a congregation, we prayed together, but we also started working with PICO federation, ISAIAH, to change the laws here in Minnesota so that moments of need for families aren’t the time they are taken advantage of.
No one should have to endure spiritual, social and mental devastation so that greedy payday lenders can make a profit.
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