by #RamendaCyrus in @theprospect:

"Predatory loans rely on an information advantage. Lenders know how to manipulate the terms of the loan to keep the customer borrowing more and more. They can bury the most important provisions in financial jargon, leaving the borrower unaware of what they are getting into. Often, people are desperate, seemingly out of options, and willing to accept pretty much anything. That enables the remarkably high interest rates, hidden fees, and constant rollovers into new loans accruing more interest that can trap people in a web of financial stress."

https://prospect.org/economy/2023-06-05-predatory-lendings-prey-of-color/

#PredatoryLoans #loans #lenders #HiddenFees #debt #racism

Cracks down on lenders
No more blackmail attempts
Protecting borrowers

#google #predatoryloans #protectborrowers #haiku #poetry

https://www.ft.com/content/91a97e3b-363a-4b99-a86d-fdd525bf9865

200% interest rate on loans? Government to the rescue. #Predatoryloans in #Utah. Can we solve this problem? #economics #libertarian https://www.tomliberman.com/economics/predatory-loans-in-utah

Wouldn't want to have "an educated proletariat" now would we!

"Free tuition at CUNY became a “canary in the coal mine,” Brier said. Its death was a harbinger of a new era in American higher education. What followed were skyrocketing tuitions across the country and an eventual $1.7 trillion student debt crisis unknown in the nation’s history."

"Since 1980, the cost of college has outpaced inflation by more than double, according to a Georgetown University study last year. So has the size of student debt, reaching approximately $30,000 on average — larger than any debt besides a home mortgage."

https://www.lohud.com/story/news/education/2022/09/06/new-york-college-tuition-student-debt-crisis/65464749007/

#studentdebt #debtrelief #predatoryloans #banks #debtcrisis #loanforgiveness

Lookout discovers hundreds of predatory loan apps on Google Play and Apple App Store
#mobileapp #security #predatoryloans
https://www.lookout.com/blog/predatory-loan-apps