It is a question of justice, and lives are at stake. People who get caught in the cycle of debt that is perpetrated by the payday/title loan industry are victims of an unjust, unethical, and obviously predatory system. Reform of this system is imperative.The public comment period ends October 7th, and I encourage you to add your call for justice to mine.
A “full-payment test” before approving a loan is a common sense rule that would prevent countless numbers of people from entering into the cycle in the first place. I encourage the Consumer Financial Protection Bureau to please implement this rule.
Furthermore, the rules for refinancing existing loans need to be reformed to make that practice much more difficult. Creating the conditions in which a customer has no choice but to refinance or even take out another loan to cover the first is the stated business model for many lending companies. This is, frankly, reprehensible.
Families caught in the debt trap are driven deeper and deeper into desperate poverty by unethical business practices that are currently legal in our nation. I hope that the CFPB will hear their voices, and act to rectify the situation. It is a question of justice, and lives are at stake.
You may do so by clicking this link - CLICK THIS
You can read a summary of the proposed rule changes here - CLICK THIS
It is a question of justice, and quite literally, lives are at stake.