It was perhaps an appropriately rainy day in Georgia as Rise Up Georgia and Jobs with Justice brought out the Pit of Despair in Atlanta, helping consumers visualize the debt trap that drowns so many payday bowers in debt. People lined up to fall into the pit and to tell the Consumer Financial Protection Bureau to finally propose a rule to cut back on the abuses of predatory small dollar loans.
While payday loans are ostensibly restricted in Georgia, consumers are still often trapped into car title loans and other pernicious debt traps. A coalition of local groups recently submitted a letter to the CFPB to make sure the rule is strong enough to help consumers in Georgia.
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