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.
Stop Payday Predators
(via Naked Capitalism)
Many states require criminals to make financial restitution to the victims of their crimes -- paying to replace the things the damaged or stole -- and this applies to juvenile offenders as well as adults.
Tech reporter and sf writer Brian Merchant (previously) calls our attention to the peculiar construction of the problem statement in articles about automation and obsolescence, in which "robots are coming to steal your job."
Back in January, an Ontario court ruled that Uber's arbitration clause couldn't keep its drivers from suing it; Uber has appealed to the Supreme Court of Canada, which has taken up the case and will hear arguments about whether arbitration clauses (through which the parties surrender the right to sue in court) are enforceable in […]
With the quick-fix appeal of video games and their own cell phones, it can be tough to keep kids focused on supposedly “educational” toys. And while it may seem counter-intuitive to fight tech with more tech, we’re all in when it comes to the Toybox 3D Printer. We’re not sure if anyone had envisioned a […]
Whether you’re an artist, designer or just organizing a photo album, photo editing software is a must. And software designers know it: Platforms like Photoshop and Lightroom have a ton of helpful features, but you’ll pay for them in spades. Luckily, there’s some competition in the photo editing arena. Right now, Skylum’s Luminar software is […]
Who needs a holiday sale? Sometimes there’s no better time than the thick of summer to find deals. We should know – we’ve found ten deep discounts on some must-have items. Whether you’re searching for CBD edibles, exercise gear, chargers or other tech, take a look. But don’t look long – these prices aren’t likely […]