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Give consumers a fighting chance to pay off their debts!
The U.S. military realized that many servicemembers were falling victim to payday, car-title and other predatory loans with annual interest rates of as much as 400%. These loans wreak havoc on a family’s financial health and can be nearly impossible to pay back.

In fact, about 80% of borrowers have to take out another payday loan to repay the original loan, which lands consumers in a “debt trap.” Each time, the overall amount of debt increases as interest and fees pile on. Collectively, the debt trap is draining $8 billion every year from American consumers.

In 2006, the Military Lending Act (MLA) was passed—a law that caps interest rates at 36% to protect active duty troops. Now, some members of Congress want to expand those safeguards to cover all Americans.

The Veterans and Consumers Fair Credit Act (S. 2833 and H.R. 5050) would extend financial protections that currently apply only to active duty servicemembers to veterans, surviving family members and all other consumers.

Help stop the debt trap! Congress will be voting on this bill in the coming days. Tell your legislators you support expanding a 36% rate cap to veterans and all Americans.
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