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)
Smarter people than me have pointed out that "work-life balance" says the quiet part out loud, implicitly confirming that you stop living when you're at work. Miles Matrix's Dungeons and Deadlines makes all this much realer with acerbic wit and rockin' chiptunes. My spouse left me after five turns. (via Four Short Links)
The China Law Blog (previously) is one of my favorite sources of insight into the secret workings of the businesses that produce the majority of the world's daily-use goods.
About five years ago, I was trying to get a bunch of Big Tech companies to take the right side of an urgent online civil rights fight, and I called an old friend who was very senior at one of the biggest tech companies in the world; they told me that it wasn't going to […]
Meditation seems simple. Just sit on the floor, clear your mind, and zen out. But have you tried sitting cross-legged on the floor without moving for even 10 minutes? It starts getting mighty uncomfortable after a while. And if you’ve got a few years on you, the knees and thighs are going to be barking […]
Unless you’re doing a lot better than most of us these days, having a personal masseuse on call isn’t really financially doable. And of course, how many masseurs are still doing house calls or accepting visitors during all this time of medical uncertainty? With skilled human hands mostly out of play right now, it falls […]
It’s almost shocking to say…but there’s actually an incredible amount of manhood wrapped up in how well you cook a steak. Of course, no one would argue your grilling abilities are THAT important. Or that how well you sear a prime slab of beef should have any bearing on your social standing or feeling of […]