When the National Consumer Law Center published the report Installment Loans: Will States Protect Borrowers From a New Wave of Predatory Lending? in July 2015, predatory installment lenders were moving into the states, seeking statutory authority to make consumer installment loans at sky-high interest rates. The report analyzed which states allowed high-cost installment lending and which did not, but warned …
In Georgia, Netroots Nation Experiences the Payday Loan Pit of Despair
Every year, thousands of activists gather for the annual Netroots Nation conference. In August, they converged on Atlanta, Georgia – a state where residents are freed from the payday debt trap, but still struggling to eliminate the car-title debt trap. Attendees would find themselves in the payday loan Pit of Despair, thinking about escaping from the deep financial hole of …
Payday Lenders Bury Colorado Families in High‐Cost Debt
Six years after Colorado enacted a payday law reform bill in 2010, payday lenders in Colorado continue to trap their customers in long‐term, high‐cost debt. The promises of a quick‐and‐easy cash infusion draw consumers in, and the rapidly mounting costs keep them from getting out. This report uses data published by the Colorado Attorney General’s Consumer Credit Unit (Demographical and …
Mile High Money: Payday Stores Target Colorado Communities of Color
The Center for Responsible Lending’s (CRL) latest report on the long‐term cycle of debt of payday lending focuses on the costs to consumers on Colorado. Read the entire report at responsiblelending.org. Highlights include: Majority‐minority areas in Colorado (over 50% African‐American and Latino) are nearly twice as likely to have a payday store than all other areas, and 7 times more …