BUT, they need to hear from consumers- that means you! We have an easy-to-use page where you can weigh in- it only takes a minute and will help bring about important consumer protections with these loans. Please share a line or two in the comments box about why you care about this issue and want to see strong federal reforms.
How does the debt trap work?
Watch this PBS NewsHour episode about T.J. McLaughlin, who had to take some time off work after a medical problem. Short on money for bills, he borrowed $1,200 from a car title lender (North American Title Loans), at 300% interest rate. But when he lost his job and was unable to make the payments on this loan, they took his car.
If you’re in California and have had a similar experience with car title, payday lender, or high-cost installment loans, please share it with CRC (Click on this link to share your story- it only takes 3 minutes).
The CFPB (Consumer Financial Protection Bureau) is writing rules about high-cost payday, car title, and installment loans. By sharing your experience, you can help the CFPB understand how to make these products safer. Ultimately, that can mean fewer people going through financial heartaches like the one TJ McLaughlin experienced.