National Catholic Reporter

The Independent News Source

Politics

Faith leaders join consumer advocates to push for lower payday loan rates

Dozens of faith leaders and consumer advocates are pressing Congress to create a national interest rate cap for payday lenders instead of the exorbitant three-digit rates currently charged to people in several states.

Eighty activists from 22 states came to Washington in hopes of shaping new regulations that are expected from the Consumer Financial Protection Bureau. Many of their congregations are surrounded by payday loan businesses that they say prey on poor residents by charging high interest rates and creating a cycle of debt.

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