Payday loans can trap low and middle income borrowers in endless cycles of debt. Today with @NewJerseyOAG, we are leading a group of 25 states in opposing the
Trump admin's effort to eliminate consumer protections from risky and predatory loans: bit.ly/2YqZYUy
Trump admin's effort to eliminate consumer protections from risky and predatory loans: bit.ly/2YqZYUy
@NewJerseyOAG According to @pewtrusts, 58% of payday borrowers have trouble meeting their monthly expenses.
They often reborrow to help repay the original loan and can spiral into endless cycles of debt.
They often reborrow to help repay the original loan and can spiral into endless cycles of debt.
The maximum interest rate lenders may charge in #DC is 24%, but some unscrupulous lenders exploit loopholes to offer predatory loans across the country.
This is why the last thing the @CFPB should be doing is rolling back rules designed to #protectconsumers.
This is why the last thing the @CFPB should be doing is rolling back rules designed to #protectconsumers.
The @CFPB's unlawful effort to roll back payday lending protections would harm consumers by:
*Allowing lenders to prey on vulnerable consumers
*Undercutting states’ efforts to protect their residents
*Acting against the CFPB’s mission to protect consumers
*Allowing lenders to prey on vulnerable consumers
*Undercutting states’ efforts to protect their residents
*Acting against the CFPB’s mission to protect consumers
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