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People View all
@StopTheDebtTrap A national coalition of over 750 groups seeking to stop the debt trap caused by
payday, car title, and installment loans. #StopTheDebtTrap#DefendCFPBAll 50 States and DC • stopthedebttrap.org
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Debt will be ruining people’s lives for generations to come. This Govt needs to:
Ensure no-one on furlough is below minimum wage
Universal Credit covers rent during pandemic
Write off the Universal Credit Advance Payments (loans)
#StopTheDebtTrap (Data: Salv Army) pic.twitter.com/GiFy0eVbTV -
Watch out Springfield! Our own
@BrentEAdams is on his way to educate lawmakers on the risks of a proposed legislative "regulatory sandbox” scheme.#twill#StoptheDebtTrap@FinInclusionIL@NCRC@IllinoisPIRG@ChiUrbanLeaguepic.twitter.com/LFL59cqYPw
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In a recent letter, 21 attorneys general (including MN Attorney General Keith Ellison) urged federal agencies to explicitly disavow predatory rent-a-bank schemes used to avoid state usury laws.
#StopTheDebtTrap |
: @AGRobBontahttps://oag.ca.gov/news/press-releases/attorney-general-bonta-predatory-lending-and-illegal-rent-bank-schemes-have-no … -
Thank you
@RepChuyGarcia for fighting to protect consumers from predatory debt collection by@oportun.@PauGonzalez323


@CalReinvest#StopTheDebtTrap pic.twitter.com/QJFaJEA3Ht -
Here’s the Senators who voted for vulnerable New Mexicans to pay a small loan maximum interest rate of 175% or 36%. YES = 36% APR NO = Keep the current 175% APR
#nmleg#nmpol#StopTheDebtTrap pic.twitter.com/ZsJ81VycUD
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80% of borrowers get stuck in a debt trap cycle, continuously taking out payday loans from predatory lenders. The
#VCFCA would stop this debt trap' by prohibiting loans with an APR above 36%#StopTheDebtTrap! pic.twitter.com/aYhV1z852h
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Bank Regulators’ Proposal on Third-Party Relationships Silent on Predatory
#RentABank Lending, Posing Risks for Banks and Consumers#StopTheDebtTrap#ProtectConsumers https://www.responsiblelending.org/media/bank-regulators-proposal-third-party-relationships-silent-predatory-rent-bank-lending-posing …pic.twitter.com/Vk5Lntr9G9
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Looks like Shark Week came early thanks to the
@CFPB I’m grateful communities of faith like @cbfinfo are actually urging policies that protect the poor and vulnerable.#StopTheDebtTrap pic.twitter.com/NKuQfEV8Us
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My new book
#DemocracyDeclined with@UChicagoPress is available! Americans depend on#credit, but#borrowers lack good financial protections. Why? Why does it matter? How can we fix it to#ProtectBorrowers &#StopTheDebtTrap? Order here to find out: https://press.uchicago.edu/ucp/books/book/chicago/D/bo51204873.html …pic.twitter.com/TI8SfwjYpI
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“These are loans & viewing them as not credit allows all sorts of evasions & predatory high cost lending,” said
@lsaundersnclc. “If somebody advances you money ahead of payday & you repay it on payday, that’s a payday loan.”#StopTheDebtTrap@JillianBermanhttps://www.marketwatch.com/story/are-early-wage-access-products-a-worker-friendly-innovation-or-are-they-loans-that-need-to-be-regulated-11634921191 … -
Good news for cash-strapped borrowers. US Senate passed
#SJ15, overturning the@USOCC’s#FakeLender rule. The House must swiftly pass their joint bill#HJ35 to ensure predatory lenders are barred from skirting state interest caps and ending#RentABank schemes#StopTheDebtTrap pic.twitter.com/4gX0LMzpnF
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Payday lending and rent to buy services continue to cause harm on top of harm during these trying times. I support the call to close them during
#Covid19aus to#stopthedebttrap https://twitter.com/consumer_action/status/1250922728934084609 … -
ON:
For years, #LoanSharks have charged outrageous interest rates- as high as 200%- on certain loans to vulnerable borrowers. Now#California is saying no to#predatoryloans. Hear @AsmMoniqueLimon explain how in a new episode of#LookWest out tomorrow.
#stopthedebttrap pic.twitter.com/2rPPG7QAxv -
Today,
@NCLC4consumers,@CRLONLINE &@natfairhouse released their comment letter to@FDICgov,@USOCC, &@federalreserve on the “Proposed Interagency Guidance on Third-Party Relationships: Risk Management.”#StopTheDebtTrap#ProtectConsumers 1/3https://www.nclc.org/media-center/bank-regulators-proposal-on-third-party-relationships-silent-on-predatory-rent-a-bank-lending-posing-risks-for-banks-and-consumers.html …Show this thread -
Trump shredded many consumer protections measures. His so-called “true lender”rule opened the door to predatory lenders who want to rip-off Americans desperate for financial help. We’re one step closer to reversing this abusive practice.
#StoptheDebtTrap https://www.reuters.com/article/us-usa-senate-exclusive-idUSKBN2BH2J5 … -
Payday America rep: We're unaware of any complaints filed against us. Right, because what you're doing is currently LEGAL. That's why we're here.
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Payday & auto title lenders have been charging triple-digit APRs in IL since 1985, stripping $billions from families in need. IL will finally catch up with other states on capping APRs to 36% once
@GovPritzker signs the Predatory Loan Prevention Act!#StopTheDebtTrap pic.twitter.com/Ae89rZMmNy
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The IL Predatory Loan Prevention Act signed by
@GovPritzker today will save IL $500 million+ per year, cover 12 million+ people. The 36% cap passed with wide bipartisan support. Congrats IL,@IllinoisLBC,@SenatorJacqui!#StopTheDebtTrap#PaydayFreelandia https://bit.ly/3f5U0UH pic.twitter.com/rILrtsnUqP
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Consumer financial tip! Lower cost short-term loans DO exist. Check out our list of lenders with an APR of 36% or less in the WeProsper Resource Guide.
#stopthedebttrap#WeProsperIL https://www.newamerica.org/chicago/reports/resource-guide-affordable-alternatives-to-predatory-loans/option-3-lower-cost-loans …pic.twitter.com/ucFoDUkQ6K
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For 20 yrs,
@uspirg & allies have been fighting#Rentabank schemes used by predatory lenders to launder loans & evade state usury caps. Congress must overturn rogue bank regulator@USOCC's#FakeLender rule.#StopTheDebtTrap.@SenateBanking hearing NOW https://www.banking.senate.gov/hearings/the-reemergence-of-rent-a-bank … pic.twitter.com/EP4hjcV8Sc
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