Civil Rights Groups Defending Predatory Lenders: Priceless

Civil Rights Groups Defending Predatory Lenders: Priceless

Exactly what does Martin Luther King Jr. want to do with payday lenders?

The president of the Southern Christian Leadership Conference (SCLC), took to the op-ed page of the Washington Post to decry the devastating effect the meltdown was having on minority homeowners at the end of June, as the subprime mortgage crisis was driving the economy into a tailspin, Charles Steele Jr. But instead than help presently pending measures to better control the credit areas, the first choice of 1 of this nation’s oldest civil liberties teams alternatively attacked them. Steele had been particularly upset about a Federal Reserve proposal that could split straight down on subprime bank cards—high-interest cards advertised to people with bad credit.

The federal government has taken a slightly different view of CompuCredit’s contributions to economic empowerment while the civil rights group has been lauding its corporate partner. Final maximus money loans title loans thirty days, the Federal Trade Commission sued the organization for unjust and misleading trade methods, along with breaking the Fair commercial collection agency tactics Act. The FTC alleged that CompuCredit bilked consumers away from at the least $217 million by way of a scheme in which customers paid a great deal in charges which they seldom had any credit available in the ongoing company’s Visa cards. The CompuCredit cards are better referred to as “fee harvesting” cards—that is, bank cards offered to people in serious monetary straits which have high rates of interest, low credit balances, and a whole load of charges for those who generally can’t manage them. The training is extremely profitable. The nationwide customer Law Center reports that in 2006, CompuCredit made $400 million in costs on such cards, simultaneously saddling customers with over $1 billion with debt. Continue reading “Civil Rights Groups Defending Predatory Lenders: Priceless”

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