It’s Shark Week! While ocean going sharks will be in the spotlight, it’s the predatory payday loan sharks that are the real danger in our neighborhoods. This year, we’ve got a chance to build a lifeboat to keep our families out of harm’s way with new proposed rules from the Consumer Financial Protection Bureau. TheContinue reading “Shark Week 2016 – We’re going to need a bigger boat!”
Category Archives: payday lending
Debt-Trap Debbie Swimming With the Loan Sharks
Debt-Trap Debbie needs to stop shilling for predatory payday lenders who siphon $8 billion in fees and interest each year from those who can least afford it. That was the message delivered this week to Florida Rep. Debbie Wasserman Schultz’s doorstep at the Democratic National Committee, which she chairs, by a hundred grassroots leaders fromContinue reading “Debt-Trap Debbie Swimming With the Loan Sharks”
Cracking Down on Abusive Debt Collectors
This article first appeared in OtherWords Have you ever picked up your phone to find an aggressive voice on the other end demanding payments on a debt you know nothing about? You’re far from alone. Once you’re in the sights of a debt collector, the impact on your life can be devastating: Your wages canContinue reading “Cracking Down on Abusive Debt Collectors”
You Are Not a Loan – You Are Not Alone!
Debt isn’t a personal failing – it’s a national crisis. We are standing up for those burdened by debt that is threatening their future and ours: students, homeowners, the working poor, and those with serious illness and crushing medical debt. We are gathering the nation – inviting everyone to come together – and help usContinue reading “You Are Not a Loan – You Are Not Alone!”
Caldwell, ID City Council Asked to Move Payday Lenders Out of Sight, Out of Mind
Community and ICAN Push Council to Limit Industry From Preying on the Poor “With the average payday loan in Idaho carrying an interest rate of 350% and with the average borrower taking out 7 payday loans to pay off the initial loan”, predatory loan businesses continue to swarm into our state. Last year alone,Continue reading “Caldwell, ID City Council Asked to Move Payday Lenders Out of Sight, Out of Mind”
Payday Lending is a Drain on the U.S. Economy
The Insight Center for Community Economic Development released its latest report finding the payday lending industry cost the American economy $774 million in 2011, causing the estimated net loss of more than 14,000 jobs. Add in the costs caused by an increase in Chapter 13 bankruptcies from borrowers unable to keep afloat of the drainingContinue reading “Payday Lending is a Drain on the U.S. Economy”
The Nation: US Bank, Fair Lending and the Job Gap
This Week in Poverty: Banks Got Nowhere to Run To, Baby Greg Kaufmann | April 12, 2013 Last year, US Bank held its annual shareholders meeting in Minneapolis, Minnesota, home of its corporate headquarters. The event was dominated by shareholders and proxies who are members of Minnesotans for a Fair Economy [1], an alliance ofContinue reading “The Nation: US Bank, Fair Lending and the Job Gap”
Taking on Predatory Lending in Idaho
Thousands of Idaho residents are strapped for cash. The economic recession has devastated the lives of Idahoans across the state. As the need to make the dollar stretch increase, financial resources from traditional banks decrease. Payday loan centers have seized an opportunity to profit from the misfortune of those in need. Predatory lenders have lined the sidewalksContinue reading “Taking on Predatory Lending in Idaho”
Broken Hearts, Broken Budgets: ICAN Valentine’s Day Action
Thanks to ICAN Intern Emma Ayers for this report. February 14th this year, members of Alliance affiliate Idaho Community Action Network (ICAN) had some very specific valentines to deliver to payday lending stores across the valley. These over-sized valentines with broken hearts of pink and red symbolized a message and a demand: stop breaking ourContinue reading “Broken Hearts, Broken Budgets: ICAN Valentine’s Day Action”