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 …