Stop big banks from pushing poor families further into poverty
Dear Friend,Some of the nation's largest banks are looking to make obscene profits by
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
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