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We looked inside some of the posts by stopthedebttrap-blog and here's what we found interesting.
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4
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3
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1
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0
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4 days
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"In New Hampshire, our first-in-the-nation status gives us a responsibility to lead. As leaders of faith communities, we don’t see curtailing payday lending as a partisan issue, but one of human dignity.”
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“That's spurred a nonprofit to launch a first-of-its-kind lending service that aims to help consumers stuck in a debt cycle at payday lending institutions. Exodus Lending started offering refinancing of payday loans this week. “
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A group representing payday lenders says its members adhere to a set of 'best practices,' and stress that to qualify for a payday loan, a person must have a source of regular income and an open bank account.
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Sorry, banks, 28% of consumers are taking their business elsewhere. Here s what you should know about the elusive underbanked and unbanked market segment, with charts to illustrate.
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By Galen Carey As our economy continues to improve, there is a crushing weight holding many back: payday loans. While state and local leaders have taken up the cause in certain jurisdictions, this ...
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By Reilly Morse The Consumer Financial Protection Bureau's imminent reform of the payday lending industry is welcome news for millions of families burdened by the industry's exploitative practices ...
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Payday lending really pulls in people who need help and feel they have nowhere else to turn. The Rev. Lloyd Fields, pastor of Greater Gilgal Missionary Baptist Church in Kansas City, Missouri, reme...
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"The payday industry preys on our community at times that are meant to be sources of joy and celebration, such as Christmas and children’s birthdays. Payday loans taken out the week before Christmas, whether they were for a medical emergency or a gift for a child, will harm our community in February, March and beyond. It hurts us to know that the occasion of Jesus’ birth was used as a reason for a loan, and that pain increases month after month as borrowers across Dallas are forced to choose between putting food on the table or paying off loans with an annual percentage rate of 633 percent."
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Now, for the first time, a federal regulator is entering the fray, drafting regulations that could sharply reduce the number of unaffordable loans that lenders can make.
The Consumer Financial Protection Bureau, created after the 2008 financial crisis, will soon release the first draft of federal regulations to govern a wide range of short-term loans.
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"We are proud that the city of Dallas has fought back against payday and auto-title lending abuses with both lending and zoning ordinances. By taking these steps, we have become a model for cities across Texas. These measures have helped. From April 2012 to September 2014, the number of payday lenders in the city dropped 27 percent. But not all Texans benefit from such regulations. Unscrupulous lenders have just moved to the edge of our city limits."
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A heartbreaking story: "I made the mistake of walking into a too-good-to-be-true debt trap from which it took me five years and approximately $30,000 to escape. The fact was, the option was there and I had nowhere else to turn. I am a disabled Vietnam vet — Marine Corps. I had two children in college. My wife broke her ankle in two places and couldn’t work. The light bill was due. The mortgage was due. The girls needed textbooks. Something had to give and it did. Me. I took out a payday loan. Then another, and another."
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Payday News Roundup: Jan. 30, 2015
Stricter federal laws needed to rein inunscrupulous payday lenders By Mark Sullivan, Kennebec Journal January 29, 2015
Plain Talk: Don't allow payday lenders togouge soldiers — or the poor By Dave Sweifel, Capital Times January 28, 2015
Imprisoned by Payday Fort Worth Weekly January 28, 2015
Protesters Rally Against Payday Lenders In Mpls. CBS Minnesota January 27, 2015
Religious leaders protest at Minneapolis payday loan store, demand more protections By Joe Kimball, Minnesota Post January 27, 2015
Protesters speak out against the payday loan industry By Allen Fennewald, Missourian January 27, 2015
Local consumer activists protest payday loan companies By Mauricio Marin, KLAS-TV January 27, 2015
Community activists rally for more protections from payday lenders BY Denise Wong, KTNV January 27, 2015
Protestors Demand Payday and Title Loan Changes CIproud.com January 27, 2015
Activists say payday loans prey on poor; protest planned in Detroit By Gus Burns, Michigan Live January 26, 2015
Rally takes aim at practices of payday loan stores Wichita Eagle January 26, 2015
Faith leaders are secret weapon in fight against payday lending By Deborah Sutton, Deseret News January 23, 2015
FTC Reaches Its Largest-Ever Payday Lending Settlement By Kevin Wack, American Banker January 16, 2015
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From the Missourian (1/27/2015): "But the protesters weren't looking to state legislators for help. They called through a megaphone for Consumer Financial Protection Bureau director Richard Cordray to make the changes that legislation has yet to accomplish."
More: http://www.columbiamissourian.com/a/184321/protesters-speak-out-against-the-payday-loan-industry/
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A group of people protested the practices of payday loan companies outside of a Money Tree store on Tuesday. They were demonstrating against what many call "unfair" business practices. Currently in Nevada, there isn't a limit on how much interest a payday loan company can charge, so activist are pushing to change the law.
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