In the News
CSAJ is Stopping the Debt Trap for Survivors
October 04, 2016
CSAJ, in partnership with a national coalition of DV/SA and consumer partners, is shedding light on the impact of Payday Loans on domestic and sexual violence survivors.
The Consumer Financial Protection Bureau (CFPB) has taken important action to curb the exorbitant interest rates, debt traps, and collections practices of PayDay lenders. But CFPB’s proposed rules are not strong enough. As written, the rules will have little impact on current practices, make enforcement unlikely, and create new footholds in states that currently ban Payday lending. This presents dangerous implications for survivors of domestic and sexual violence who are at particular risk of economic and physical harm.
What is the Debt Trap for Survivors?
Payday lending mirrors coercive control & compounds survivors’ economic insecurity. View our infographics for how this operates.
Help us Take Action
Please join us in requesting CFPB to put forth stronger rules by submitting comments to CFPB by October 7th.