Stop the Debt Trap

The payday loan industry makes billions by trapping people in debt. The average borrower takes out 10 loans and pays 391% in interest and fees. Why 10? Because they have to keep borrowing in order to pay off the original loan due to that astronomical interest rate. Billions in wealth are stripped from our communities each year by the payday industry. And, they’ve bought elected officials to make sure no policy passes that will stop their debt trap. We’re countering organized money with organized people: by passing tough zoning ordinances to curb payday lenders from coming into nine Iowa cities, and by pushing the Consumer Financial Protection Bureau to hold the loan sharks accountable with strong nationwide legislation.