The Council has supported the Consumer Financial Protection Bureau’s (CFPB) efforts to issue a strong rule to curb predatory payday lending by signing a letter drafted by the Faith and Credit Roundtable and the Center for Responsible Lending. There are increasing efforts … Continued
From the Community Action Association of Pennsylvania (http://www.thecaap.org): In the past few weeks, since CAAP announced that Senator Yudichak had filed S.B.1379 which would weaken Pennsylvania’s strong predatory lender laws, many of our newsletter readers have asked for more details … Continued
From the Pennsylvania Public Interest Research Group (http://www.pennpirg.org/home): The payday lenders and their lobbyists are back in Harrisburg, working to legalize long-term payday loans, where the average loan could cost over 200% in interest rates and fees. Pennsylvania SB 1379 … Continued
From Americans for Financial Reform (http://ourfinancialsecurity.org/): Click the image above to read/download the “Caught in the Debt Trap” report. “Caught in the Debt Trap” provides a snapshot of the effect payday and title loans have had on the lives of … Continued
September is here and students are headed back to school. Tis the season for getting the kids new school clothes. Maybe even a sports jersey or two and don’t forget notebooks, binders and backpacks. And for students heading off to … Continued
From the Campaign for America’s Future (http://www.ourfuture.org/): Payday and car title lenders have a simple business model: Gouge the poor and trap the vulnerable in an endless cycle of debt. Can’t pay? They’ll take your car. Need some more time? … Continued
Posted at http://www.chn.org/2016/08/17/stop-debt-trap/#.V7So5fkrIdU By Lecia Imbery August 17, 2016 The statistics around payday and car title loans are scary: The loans come with interest rates of 300-400 percent on average. The average payday loan customer who borrows $400 for a loan … Continued
From the Community Action Association of Pennsylvania (http://www.thecaap.org): NOTE: Scroll down for information on contacting legislators. How It Works Payday loans are small-dollar, extremely high-cost loans. They are marketed as a one-time, “quick fix” for people facing a cash crunch. But … Continued