Warren: As desperate families turn to payday lenders Trump's CFPB drops restrictions

[blm]

Elizabeth Warren
Millions are out of work, the eviction moratorium is gone, expanded unemployment checks are over, and the rent is due. Many desperate families will turn to payday lenders. It is obscene that the Consumer Financial Protection Bureau just helped those payday lenders trap people in cycles of debt.

https://www.nytimes.com/2020/07/07/business/payday-consumer-financial-protection-bureau.html?

Consumer Bureau Scraps Restrictions on Payday Loans
Lenders spent years battling planned new rules that they said would gut a short-term lending market that often leaves borrowers trapped in debt.

Me:Want to bet that THIS is another reason why the GOP refused to vote on House bill for 2months as they delayed even discussing it till the last week of the expanded UI?
I don’t believe it was just coincidence that all those restrictions on payday lenders were lifted in early July.

[mr_lebowski]

1. Back in the bad old days when I was an addict ...

(ok, hush, I know ...)

I got my dumb ass trapped in that exact cycle. I knew which lenders were separate companies and which were the same company with a different name (thus I couldn't get loans from both). I'd have 3, 4, even 5 loans out at the same time. Hell there were times I'd borrow from one to pay another one back.

They are so friggin expensive man ... once you get sucked into their clutches, it can really easily become a downward spiral.

Drugs definitely don't help the situation, in case you're wondering.

[delisen]

5. Thans for sharing . The personal experience helps understanding.

[blm]

7. There are many more who went that route.

I am glad you overcame that experience and are here to tell.

🤗

[mr_lebowski]

9. Probably can't honestly say I overcame it until the day they put me in the ground ...

and I'm still sober ... it's that whole One Day At A Time motto-thingie lol.

To illustrate this point, even after 'beating' the hard stuff and being 100% clean and sober for 3+ years, I decided to take a drink for a very special occasion ... and then spent an awful lotta years half-drunk after that (and I'd never really had any booze problem before the addict days ... weird!).

Tomorrow is 8 months since the last White Russian.

Anyways ... thanks for the words of support

[blm]

10. ((mr_l))

[Ninga]

2. Overwhelming. Please let's vote tomorrow.

[Newest Reality]

3. Ushering in...

Ushering in the vulture capitalism phase. There is money to be made scrapping meat off the bones and then grinding the bones down to make bread to sell.

Here we go. How convenient, huh? Brother can you spare a 500%-interest loan?

[bobbieinok]

4. GOPers sure do HATE non-rich people, don't they?!

[blm]

11. And they are more blatant about it than ever.

[crickets]

6. wth? It's deliberate.

[blm]

8. No doubt in my mind