The predatory payday lending industry — "'legalized loan sharks collect 75 percent of their fees from people stuck in more than 10 loans a year by charging 300 percent APR" — is lobbying hard to kill the proposed Consumer Financial Protection Bureau's proposed "debt trap" rule, "that would require lenders to determine whether borrowers can afford to pay back their loans and cut off repeated debit attempts that rack up fees and make it harder for consumers to get out of debt."
These small, sensible steps are the bare minimum to protect the most vulnerable, poorest Americans from the exploitative usury industry.
With one click, you can send an email to the CFPB in support of this move, pushing back against the payday lenders' big money lobbyists.
Payday lenders shouldn't be able to trap millions of Americans in a cycle of debt they can't escape. Your comment was sent to the Consumer Financial Protection Bureau, in an effort to urge them to regulate payday lenders and ensure that hard-earned money stays in the hands of those who earn it – and not in the hands of payday loan sharks.
(via Naked Capitalism)