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Article by Paul Shipp of Kansas Legal Services
The number of Payday lenders has grown at an oddly rapid rate over the past few decades, mainly in low income areas. Typically these lenders market directly to low income borrowers, notably those on a steady, fixed, and certain income. Borrowers are often at or below the poverty level; many live off only fixed incomes and are elderly or disabled.
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Rule #1: Prioritize Debts Whose Non-Payment Immediately Harms Your Family
Non-payment of certain debts have sudden and dire consequences for your family. Deal with these debts immediately—either pay these debts first or otherwise follow advice here on how to manage these debts.
Never pay smaller, low priority debts just because you cannot keep up with high priority debts—“If I can’t pay my mortgage, at least I will keep up with my credit cards.” This is a bad idea.
Special report from the Center for Responsible Lending, June 2023
The national Center for Responsible Lending (CRL) reports that single-payment and payday installment loans in 31 states drain more than $2.2 billion in fees per year from borrowers whose average incomes are approximately $25,000 a year.
Car-title loans drain more than $700 million annually from borrowers in 17 states.
Together these predatory loans drain almost $3 billion annually from those families who can least afford it.
A powerful set of financial firms have delayed federal investigations or punishments into their allegedly predatory lending practices, as they seize on an industry-led lawsuit challenging the future of the Consumer Financial Protection Bureau.
By Tony Romm, October 28 Washington Post
This client-focused handout contains information and tips about how to handle a call from a collector or someone collecting a debt on another's behalf.
Here are two helpful videos on dealing with debt collection, and how to talk with a debt collector.
This brochure talks about your options as a consumer when debt or debt collection becomes too much to handle.
Nearly all of the 2 to 3% of the households who are behind on their bills were current until they faced a sudden blow to their wallets. Such blows include job loss, illness or other setbacks. Sometimes it is tempting to give in to the daily appeals in their mailbox to borrow, borrow, borrow.
To help consumers, the feds and states have laws to stop abuse, deceit and unfair practices by debt collectors.
Find out more in the brochure below.
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