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A Week of Action

It started with a plea for disclosure and transparency in home-buying and ended with a call for sanity during college football Bowl Season. Tennessee Citizen Action’s “Week of Action” also included opportunities to act on healthcare, protection for fraud victims, and free and fair elections. Here are some highlights: On Payday Lending Tennessee families deserve […]

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Shark Week Recap

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 […]

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The High Cost of Payday Loans

The Center for Responsible Lending is out with a new report that notes that Tennessee families lose more than $400 million a year in fees to car title and payday lenders: A recently-released study from the Center for Responsible Lending reveals that Payday and Car Title Loan Sharks are sucking more than $400 million out […]

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Sending a Message to Washington

I recently visited Washington, DC on behalf of Tennessee Citizen Action: I was honored to be your messenger to the Consumer Financial Protection Bureau last week.   I told the CFPB about how Tennessee loan sharks have pioneered the 279% Flex Loan as a payday alternative. I told them about families that have been devastated by having to pay […]

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On Payday Lending in Tennessee

From Tennessee News Service: Current law prohibits Tennessee consumers from taking out more than two payday loans at a time, and those loans can’t total more than $500 collectively. However, there’s no system in place for lenders to make sure people aren’t asking for more than the law allows, explains Andy Spears, executive director of […]

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Taking on Payday Lenders

From consecutive posts this week at Tennessee Citizen Action: A recent article in The Economist highlights the high cost of being poor in America. From fees to cash checks to getting paid on prepaid debit cards that carry costly fees and yes, to accessing credit by way of high-priced predatory lending loan sharks. READ MORE And, pointing out one Tennessee Congressman […]

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Payday Lending in Tennessee

Over at Tennessee Citizen Action’s blog, I’ve written a bit about payday lending. Here’s an excerpt: From WKPT TV in Kingsport: Payday lending is alive and well in Tennessee, but consumer advocates are critical of its high interest rates and what they call predatory business practices. A bill in the state house aims to cap the […]

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