One more day to stop the Payday Lending Debt Trap

payday_loans.jpgWe’ve come too far to let payday loan sharks win now. We need YOU to beat back Trump’s attack on rules to #StopTheDebtTrap.



   We’ve come too far to let payday loan sharks win now. We need YOU to beat back Trump’s attack on rules to #StopTheDebtTrap.

     With your help, we spent years fighting to Stop the Debt Trap created by payday lenders. In 2017, we finally got new protections that required lenders to make sure a borrower could repay before they granted the loan. But now, Trump’s Consumer Bureau is siding with the payday lenders and threatening to shred these important new rules.

     Will you take a few minutes to write the Consumer Finance Protection Bureau (CFPB) and tell them we need to Stop the Debt Trap, not reward payday loan sharks?

     Payday lenders make big profits off of people facing hard economic circumstances. They target people with triple-digit interest loans and trap them in a cycle of debt.

     Trump’s new head of the CFPB is on track to helping the industry keep it that way. The Consumer Bureau is required by law to accept and take into account comments from the public.

     That’s why we’re asking you to write a formal comment, telling the Bureau that we need the payday loan rule to go into effect, not to be destroyed. It is important that they hear from you. Will you take action to oppose the proposal to gut consumer protections?

Click here to submit a comment!

     We only have a short time to share our voice. If you have a story to share about payday lending, we’d love to hear it. Just send an email to tellyourstory@ourfinancialsecurity.org and tell us about your experience with predatory lenders.

Payday lending is a scourge in many states, including some of our neighbors, keeping working families in debt with outrageous interest rates when, like many of us, a sudden big expense pushes them over the edge. Maryland is fortunate to have state protections against predatory financial practices; help our neighbors around the country get protection too.

Submit a comment today, before time runs out.