Daily Archives: May 24, 2016

Take A Hike Payday Loan Queen

Screw-You-DWS

The ominous and/or scammy front side of this envelope did not entice me to open it, but then I flipped it over prior to pitching it.

Then I thought of the truly horrible Debbie Wasserman Schultz and what kinds of framings for pitches she might have learned as a patron on behalf of the truly evil payday loan industry.

In December, she, along with many members of the Florida delegation, signed on as a co-sponsor of legislation that would limit the federal government’s ability to regulate payday lenders in states, like Florida, with payday protections. But consumer rights groups and Canova say Florida’s laws don’t go far enough: In Florida, the average interest rate on payday loans is 304 percent, and the average payday loan customer takes out nine loans over the course of a year, according to data compiled by the Pew Charitable Trusts. Often, the result is consumers becoming caught in a cycle of debt. “It just perpetuates, with one loan paying for another paying for another,” says Karl Frisch, executive director of Allied Progress, a nonprofit group lobbying for stronger payday lending protections. In April, Frisch’s group launched a campaign to highlight Wasserman Schultz’s support for the bill—including two billboards along high-traffic roads in her home district labeling her “Debt Trap Debbie.” Frisch also points out that, since 2004, Wasserman Schultz has accepted $68,000 in campaign contributions from payday lenders, including Amscot Financial, whose founder, Ian MacKechnie, pleaded guilty to civil racketeering charges in 1998 to avoid a criminal prosecution. Wasserman Schultz spokesman Ryan Banfill points out that $68,000 represents only about 1 percent of the congresswoman’s fundraising since 2004, and calls Frisch’s attacks “a little unfair.” And, he says, Wasserman Schultz also recently signed on to a bill by Democrats Suzanne Bonamici of Oregon and Elijah Cummings of Maryland designed to protect consumers from predatory payday lenders. Newsweek Why Don’t People Like Debbie Wasserman Schultz

The Newsweek article is a snow job. DWS failed miserably in the 2014 mid-terms.

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