Tell your member of Congress: Stop Protecting Payday Sharks
The Consumer Financial Protection Bureau (CFPB) is finalizing a rule to rein in the predatory payday industry, whose sky-high interest rates are designed to trap vulnerable people in cycles of debt. The average borrower takes out 10 loans and pays 391% in interest and fees. In fact, 75% of the payday industry's revenues are generated by these repeat borrowers.
But right now, there is traction in Congress for a bill that would delay implementation of this rule for two years and allow states to continue having triple-digit interest rates. Let's show our support for the CFPB and a strong payday rule.