Over at Tennessee Citizen Action last week, I wrote about Shark Week — the time of year when attention focuses on legalized loan sharks and ways to stop them.
Here’s what I wrote:
We pointed out that Tennessee families pay over $400 million a year in fees to payday and car title predators. We noted that the average Tennessee borrower pays $490 in fees to borrow $300 over a period of five months.
Now that there’s a proposed rule, we have an opportunity to weigh-in and claim a victory over the loan sharks — Here’s what you can do:
Take a moment and send a comment to the CFPB on their proposal.
The CFPB has released it’s proposed rule on payday and car title lending and they are seeking comments.
The proposal is an important first step toward providing relief from the cycle of debt so many borrowers find themselves in after being preyed upon by payday predators.
To learn more about how to stop payday predators, visit TNCA.