Millions of Americans have fallen victim to predatory payday loans. Here is how we can break this vicious cycle:https://www.huffingtonpost.com/entry/kirsten-gillibrand-postal-banking-bill_us_5ae07f9fe4b07be4d4c6feae?ncid=engmodushpmg00000004 …
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This idea could wipe out the predatory practices of the payday loan industry overnight by providing an accessible and low cost alternative.
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Payday lending traps compound the financial struggles of many hardworking people who are struggling to get by. It makes it expensive to be poor. A simple short-term $50 loan to pay a utility bill or repair a car could end up costing 400% more to repay in just two weeks!
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The Post Office has 30,000 locations across the country, making this an efficient and elegant solution for the millions of “unbanked” and "underbanked" in communities with no options. This bill will cost taxpayers nothing, and will also strengthen the Post Office's finances.
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And, most importantly, this bill will help many low-income workers begin to save and accumulate wealth, empowering our underserved communities to build financial success for generations.
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The federal government has backed financial institutions directly & indirectly for decades with FDIC insurance, FHA backing, & bailouts. But those “for profit” banks have left too many behind. It's time to close the gap—and this time, no one will get rich on the taxpayers dime.
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This is a simple solution to a problem facing every state in this country. In 2006, payday loans were so bad that Congress had to pass a law to ban them from preying on military service members. We should offer the same protections to everyone with an alternative to endless debt.
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Financial services and payday lender lobbyists will fight this hard, but we need to fight harder. It's simple: we should put people above profit. Join this fight: Make sure your interests are represented in Congress and raise your voice.
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You are going to let the mooks working at my local post office decide who should and shouldn’t get a loan ?
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Congrats! This is an important step to better enabling the distribution of monthly basic income transfers to once and for all end the payday loan industry and also create a foundation of economic security underneath all citizens.https://medium.com/basic-income/payday-loan-lenders-are-unstoppable-except-with-the-help-of-basic-income-6572bec30210 …
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Sounds like a great idea. My fear is GOP and WH will fight it tooth and nail, they seem to have a vested interest in keeping a large portion of America in poverty.
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Plus trump dislikes the postal service already.
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Yes he does, not saying it couldnt happen, it would be a helluva fight, but something worth fighting for.
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Everyone interested in learning more should read the book on postal banking written by UGA law professor
@MehrsaBaradaran Ted talk on the topic: Postal Banking: An old solution to a new problem | Mehrsa Baradaran | TE... https://youtu.be/VYdNKMkBYuQ via@YouTubeThanks. Twitter will use this to make your timeline better. UndoUndo
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This goes beyond "Big Brother" and "cradle to grave" assistance (aka Socialism). No thank you!
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They deliver mail just fine. It takes much longer than it used to, but it gets there eventually. If this ever happens, and I seriously doubt it will, they will lose more money on this venture. Not that easy to start a bank
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In case you didn't know, and that's a safe assumption, banks are located on nearly every corner. And, this is really important, they all have internet connections and telephones!
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