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Metro IAF: "10% is Enough!"

August 11, 2009

If you’re reading this, you probably know that AFFIL supports proposed legislation that would cap the cost of all consumer loans at 36% – in particular, S. 500/H.R 1608,  sponsored by Sen. Dick Durbin and Rep. Jackie Speier.  This legislation would give all consumers the protection from high cost loans that Congress has already extended to military personnel and their families.  It would effectively end predatory payday loans, car title loans, and refund anticipation loans, all of which routinely charge triple-digit interest rates.

Although we think this legislation would be a powerful advance from where we are now, when we publicize our support for it most of the feedback that we get is from people who think that 36% is outrageously high, and that supporting such a high limit amounts to condoning usury by credit card companies and mortgage lenders.

Metro IAF, a network of broad-based citizen organizations in the Midwest, on the East coast, and in the UK that is affiliated with the Industrial Areas Foundation,  strongly agrees with the need for a lower limit.  On July 22 they launched their “10% Is Enough” campaign by holding simultaneous rallies in Boston, Chicago, Durham, New York, Washington, and London.  Information about the campaign is available here, but the campaign has also released this powerful video, including footage from all six rallies:

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