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State of Lending in America
The report outlines predatory lending practices in various fields of consumer lending, and explains why protecting fair, affordable access to credit is vital for both consumers and the U.S. economy.

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We Can Do Better -- Rev. Soaries Fighting for Economic Justice in Michigan and Across the Country


Rev. DeForest Soaries (author, pastor, former NJ Secretary of State) addressed predatory payday lending in Grand Rapids, Michigan, April 14-16, 2012.

Since 2005, no state has authorized triple-digit interest rates for payday lending. The District of Columbia and six states - Arkansas, Arizona, New Hampshire, Ohio, Oregon and Montana -- have all enacted double-digit rate caps on these debt-trap loans.

In Michigan, the typical payday loan of $402 comes with an average interest rate of 390 percent. Michigan families pay more than $122.7 million in payday loan fees per year. At this conference, community organizations' calls for reform culminated in a peaceful demonstration outside a major payday lender's store.