September 8th, 2010
There’s an old saying that an informed consumer is a dangerous consumer. On this week’s program we talk about the payday loan industry and some of the issues with practices by some of its operators.
As we found out, each state regulates payday loan companies differently. The first place for you to understand how this works in your state is to visit this chart. It is put together by the National Conference of State Legislatures. Find out the rules in your state and see if you feel they are in the best interest of consumers, especially poor consumers.
Then you can visit the website of the Center for Responsible Lending. They have some very practical advice if you find yourself in a cycle of debt you can’t seem to get out of. They also have the latest information on legislative and activist initiatives across the country.
Listen to the Full Episode | Download MP3
The Community Financial Services Association of America (CFSA) was established in 1999 to ensure consumer confidence in, and long-term success of, the payday advance industry—one of the fastest-growing financial service industries in the United States. Today, CFSA’s member companies represent more than half of the nearly 24 thousand payday advance locations nationally.
Gary Rivlin| Download MP3
Gary Rivlin‘s latest book is BROKE, USA: From Pawnshops to Poverty, Inc. — How the Working Poor Became Big Business. A two-time Gerald Loeb Award winner, he has worked as a writer and reporter for The New York Times, The Industry Standard, East Bay Express, and the Chicago Reader, and his articles have appeared in The New York Times Magazine, GQ, Salon, Newsweek, and Wired, among other publications.
Lynda has over 22 years of experience working in the public interest. In 1997, she became Associate Director of Citizen Action/Illinois. From 1998 to 2000, she served as Executive Director of the national food safety group, Safe Tables Our Priority. In 2000, she became Co-Director of the organization. Ms. DeLaforgue was a founding board member of the Healthy Schools Campaign. She earned a B.F.A. from Rockford College.
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