Mortgage Lending
1 in 8 families that has a mortgage is either delinquent or facing foreclosure.
Every 13 seconds another family finds a foreclosure notice in the mailbox.
This year alone foreclosures will drain more than $500 billion from neighboring home values.
In May, the U.S. House passed new rules for future mortgage lending. The Senate has yet to act.
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Payday Lending
The payday lenders’ business model is built on charging triple-digit interest rates that run up to 400% on a $100 loan.
Congress says payday lenders cannot charge soldiers an interest rate above 36 percent. Shouldn’t that be the rule for everyone?
Payday lenders are pushing a "reform" bill in Congress that is no reform at all but instead would make loan sharking easier.
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Overdraft Loans
Consumers pay $17.5 billion a year in bank overdraft fees, all for a “service” few people even realize their bank has signed them up for.
Almost half of all bank overdraft fees are triggered by debit cards, and most are for small-ticket items like fast-food or coffee. Who wants to be charged an extra $35 for a $5 hamburger?
Younger and older Americans are disproportionately hurt by bank overdraft fees.
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Credit Cards
Most credit-card users don’t know it when they are charged a “penalty” interest rate, which typically is double the regular rate.
The average household has over $10,000 in credit card debt
Financially troubled credit-card borrowers often owe more in penalty fees and interest charges than for purchases or cash advances.
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