They figure out you’re struggling. They send you a check in the mail, without you asking. In a pinch, you sign it. It’s a loan. Fine print: the interest rate is 33%. Then they load on extra charges. When you fall behind, they call your family & friends. Then they sue you.
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This “consumer installment loan” industry, which pushes predatory loans on poor people by eg mass-mailing unsolicited checks, is what the Consumer Financial Protection Bureau was made to fight. Instead, Trump/Mulvaney are gutting CFPB & biz is booming.
This industry is a pipeline to transfer money from the poor to the ultra rich. Obama’s treasury secretary Tim Geithner is president of one of the private equity firms making a killing from it. Your economy, rigged to redistribute wealth to the top.
In last week’s @ThisAmerLife, a progressive Dem candidate for Congress describes calling a potential donor working in finance & being told he has to take the phrase “rigged economy” off his website if he wants support.
Don’t do it, candidates.
thisamericanlife.org/649/its-my-par…
Don’t do it, candidates.
thisamericanlife.org/649/its-my-par…
