Stop the Debt Trap, Holiday Update – Dec. 22

This time of year, the windows of payday lenders scream things like “Easy Christmas Cash”. The truth is, it’s not easy. Many Payday Lenders use advertising like this to deceive consumers into starting a cycle of debt that will last long after the Holiday Season. With loans averaging 391% annual interest, the average borrower is indebted for more than half …

Stop the Debt Trap Update – Dec. 12

SHAY FARLEY from ALABAMA APPLESEED Last week, a rare occasion presented itself and I joined AFR and consumer advocates from 8 other states (AL, AZ, MD, NC, NJ, NY, OH, TX, and VA) in meeting with the CFPB Director, Richard Cordray, and 20+ Bureau staff members. Our discussion primarily focused on the highly-anticipated CFPB payday loan rule. As we state …

Stop the Debt Trap Update – Nov. 26

UPDATE: Last week the Faith and Credit Roundtable hosted a 3 day Conference and Advocacy Days, bringing over 80 faith leaders from 22 states to Washington, DC. The group came together to launch a faith initiative to support strong action on payday lending by the Consumer Financial Protection Bureau (CFPB). On the final day of the conference, attendees participated in …