Discover and read the best of Twitter Threads about #stopthedebttrap
Most recents (4)
Those warm and fuzzy ads for earned wage advance (EWA) and other cash advance apps hide the same dangers for working people as predatory payday loans. And they particularly target working women in Black and Latino communities. 🧵👇
#StopTheDebtTrap
#StopTheDebtTrap
The billionaire-backed apps from companies like Earnin, Dave, Brigit and more send you đź’° before pay day, but for an unexpected price.
These fintechs sell the same false promises made to gig economy workers - that these products can give them ownership over when & how they get paid. But instead of financial freedom, consumers–especially working people of color–are lured into a debt trap.
Under the cover of the #COVID19 crisis, @CFPB, @FDICgov, @USOCC, @federalreserve, & @TheNCUA issued small dollar bank lending guidance that lacks the consumer protections needed to ensure loans do not trap borrowers in a cycle of debt. #StopTheDebtTrap 1/3 nclc.org/media-center/c…
The guidance doesn't warn against unaffordable interest rates & says balloon payments may be appropriate. “Balloon-payment bank payday loans just leave a hole in the next paycheck when a family’s financial situation will only be worse." @lsaundersnclc 2/3 nclc.org/media-center/c…
“This is the worst possible time for banks to make predatory payday loans. Government regulators have opened the door for banks to exploit people, rather than to help them" #StopTheDebtTrap 3/3 @civilrightsorg @NAACP @CRLONLINE @RealBankReform @ConsumerFed nclc.org/media-center/c…
The payday loan industry's very business model relies on trapping people in debt.
That's why 4 in 5 borrowers end up having to roll over the loan or taking out a second to repay the first.
So naturally, Trump's rushing to payday's defense by gutting rules to #StopTheDebtTrap.
That's why 4 in 5 borrowers end up having to roll over the loan or taking out a second to repay the first.
So naturally, Trump's rushing to payday's defense by gutting rules to #StopTheDebtTrap.
Note: Trump's trying to gut borrower protections using the federal rulemaking process.
This means--just like with his proposed SNAP cuts I've been tweeting so much about lately--we have the chance to use the public comment process to preserve the rule to #StopTheDebtTrap.
This means--just like with his proposed SNAP cuts I've been tweeting so much about lately--we have the chance to use the public comment process to preserve the rule to #StopTheDebtTrap.
Tell Trump what you think about him siding with payday loan sharks over the borrowers whose financial hardship they get rich off of: regulations.gov/document?D=CFP…
Deadline to comment: May 15, 2019.
#StopTheDebtTrap
Deadline to comment: May 15, 2019.
#StopTheDebtTrap
Today, the Trump @CFPB tossed out a rule to protect consumers from scam loans from payday lenders. In some states, interest rates can be over 700%. #StopTheDebtTrap npr.org/2019/02/06/691…
.@MickMulvaney once said “If you’re a lobbyist who never gave us money, I didn’t talk to you. If you’re a lobbyist who gave us money, I might talk to you.” I’m sure the payday lending lobby is happy they gave him so much money when he was in Congress. vox.com/policy-and-pol…
It’s no secret why the payday lobby spends lavishly at Trump properties. It pays off when Trump’s @CFPB sides with loan sharks over consumers.
