Thursday, October 16, 2014

Help Slam the Debt Trap Shut

Payday loan shop window
(h/t to our friends at Community Legal Services)

The Consumer Financial Protection Bureau (CFPB) is getting ready to issue rules that could end payday lending nationwide. Payday, car-title, and high-cost installment loans with annual rates of 300% or more can put borrowers in an impossible (and unpayable) position.

You can sign on today to a letter that will ask the CFPB to make a strong national rule that will help families everywhere. The letter is available at https://docs.google.com/forms/d/1JqUV_bXRrk7-AcnUmdvZ6E0F64q6hxvFmugAd34ud2Y/viewform. Sign ons are accepted until 5 PM today, October 16.

As the letter states: "It’s time to end the scam and put rules in place that will end abusive practices and slam shut the debt trap." Let's work together to make that happen.

If you have been a victim of payday or predatory lending, or if you need help escaping other debt traps, PathWays PA can help. Our Financial Path$ program offers financial education workshops and individual counseling sessions that provide resources such as guidance on public benefits; free tax preparation; information on Earned Income Tax Credits; credit counseling and repair; obtaining personal identification and keeping it secure; housing readiness and other related services.

For more information about Financial Path$, please contact Erin Rogers at erogers@pathwayspa.org or (484) 816-6411.

Interested in PathWays PA blog posts on similar topics?

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