By Shawn Martin
More and more I am seeing news about how this agency and that agency is giving the payday loan companies the thumbs down, and now the Consumer Financial Protection Bureau, a US watchdog, speaks out
Seems they are calling out not only the payday loan companies but certain banks, including Wells Fargo & Co. in San Francisco, for giving out what they call “deposit advances.”
This group considers these as not much different as payday loans, in that they were meant to be a one-time loan that is paid back in a lump sum, but in reality. customers are spending and average of 155 days paying off the loan.
We can help with payday loan debt!
Will this bring change?
The more that groups like this actually speak out and let people know what is going on with these kinds of loans, the easier it will be to pass some new laws that will regulate them.
Presently there is quite a bit of talk, but very little action. These companies own the votes that would be needed for change, and they are not selling them.
The more waves people make, the better the chances of reform, so hopefully articles like this and news reports about these companies will stir the pot a bit.
What can I do if I am already trapped?
If you are already stuck in the payday loan trap and have out of control debt, you are in the right place right here!
Please check out our payday loan repayment plan for more information on how we can help you regain some sanity in your life. We can turn a bad situation into a very happy ending.
You may also call 1-877-280-5100 for a free no obligation quote.
If we all start to spread the word that these loans are not being used like they were intended to be used, and instead are trapping people in debt, then we can start to make some progress towards change.
These companies are making incredible profits, to the tune of 48.7 billion dollars in 2012. Just think of how far this money would go in helping people.
Help start making a difference just by speaking out!
Help spread the word!
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