Millions of Americans who live paycheck to paycheck end up drowning in debt when, in desperation, they turn to predatory payday loans. U.S. lawmakers have proposed a plan to stop the debt trap and will be voting on the issue in the coming days.

The Veterans and Consumers Fair Credit Act would extend the military’s 36% rate cap on consumer loans to all consumers.

Congress passed the Military Lending Act (MLA) in 2006 to rein in payday and other predatory lenders who used abusive lending practices to lure American troops into a cycle of insurmountable debt. The MLA capped interest rates for active duty military members at 36%. However, the legislation left other Americans vulnerable to those same predatory products.

Help stop the predatory debt cycle! Tell Congress you support setting a limit on interest rates for all consumers.

Take action now!

Consumer Action has been a champion of underrepresented consumers nationwide since 1971. A non-profit 501(c)(3) organization, Consumer Action focuses on consumer education that empowers low- and moderate-income and limited-English-speaking consumers to financially prosper. It also advocates for consumers in the media and before lawmakers to advance consumer rights and promote industry-wide change. On the web at www.consumer-action.org.

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