The undersigned businesses thank you for the leadership of this customer Financial Protection Bureau, and also for the tremendous actions that the agency has had to guard the legal rights and passions of this populations we provide.
We respectfully urge the CFPB to issue a solid payday lending guideline that will protect Wisconsin borrowers in addition to customers around the world from predatory lenders. It is the right time to stop the debt trap that is payday.
Everbody knows, pay day loans are created to trap low-income borrowers in a spiral of perpetual and growing financial obligation. Predatory lenders strain vast amounts from our state’s economy through costs and interest that is astronomical, especially in currently struggling communities. These loans can also increase the possibilities of extra harm that is financial borrowers, from increased overdraft charges to delinquency on other bills, banking account closures, and also bankruptcy.