Payday lenders purposefully ensnare people in debt they can’t escape. These legalized loan sharks collect 75 percent of their fees from people stuck in more than 10 loans a year by charging 300 percent APR. It’s a debt trap.
We can rein in the worst payday lending abuses with a proposed rule from the Consumer Financial Protection Bureau. Payday lenders are fighting to keep their unfair and abusive practices going. It’s up to us to make sure the CFPB hears loud and clear that we need to stop the debt trap once and for all.
Thanks for your interest in stopping the debt trap! The comment period has closed, but please join our email list to find out how else you can help. For more information, visit StopTheDebtTrap.org. Together, we can stop payday predators and protect American families.