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Published: January 2016

Communities are losing millions to predatory lenders

A new website reveals how much money communities are losing to predatory lenders each day that the Consumer Financial Protection Bureau (CFPB) delays taking action to rein them in.

Families lose a shocking $8.7 billion annually to predatory lenders, according to the nonprofit National People’s Action (NPA). The payday loan industry promises fast money to those who are struggling financially but charges a typical interest rate of almost 400 percent, causing a seemingly innocuous $500 dollar loan to snowball into an unmanageable nightmare!

Nation People’s Action has released a new website to show how much money communities lose to predatory lenders each day that the Consumer Financial Protection Bureau (CFPB) delays reining the industry in. The site also includes a petition calling on the head of the CFPB to stop the debt trap and put a strong federal regulatory rule in place now.

According to NPA, the payday and car title loan industries alone have stripped nearly $7 billion dollars from communities across the U.S. since the CFPB began considering creating a regulatory rule. NPA is urging the CFPB to take action now.

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