Stop big banks from pushing poor families further into poverty
exploiting some of the country's poorest people, and we need to make sure
federal banking regulators put a stop to it. Banks like Wells Fargo, U.S. Bank, Fifth Third Bank and Regions Bank have
started marketing payday loans to their customers.These short-term, high-interest loans are blatantly predatory. The cost of
these loans is equivalent on average to more than a 300% annualized
interest rate.And while payday lenders like to pretend it's a solution to a short-term
cash crunch, the fact is that they make their money when loan recipients
pay off one loan by taking out another payday loan, thereby falling into a
cycle of debt that's hard to escape.Tell federal banking regulators: Stop predatory payday lending by some of
the country's biggest banks.Click the link below to join me in signing the petition. http://act.credoaction.com/campaign/payday_banks/?r_by=55314-3052123-CkOGu0x&rc=mailto1
Syndicated 2013-02-26 20:07:00 (Updated 2013-02-26 20:07:11) from proclus