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Consumer advocates for years have warned that the payday loan industry preys on low-income borrowers who become reliant on one loan to pay off another — with enormous interest rates applied all the while. But a report released yesterday offers what is perhaps the most clear evidence to date that payday lending mires borrowers in cycles of debt. After examining records for the more than 80 percent of payday borrowers who take out multiple loans each year, the Center Responsible Lending, a con

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To hear the customers filtering in and out of the Amscot office on 34th Street S, Gibbons’ Amscot Financial is a welcome and convenient service. “It’s clean, they’re always friendly and it’s easy,” said Sandra Hall, a St. Petersburg office clerk, after cashing a check and getting the free Tootsie Rolls that come with every transaction. “If they weren’t here, I’d probably go to a liquor store to do this.” But consumer advocates say Gibbons is part of an industry that preys on cash-strapped A

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SPRINGFIELD, Ill. - Consumer advocates rallied Tuesday to cap finance charges on short-term loans to protect borrowers from triple-digit interest rates.The coalition of labor leaders, citizen advocacy groups and faith-based organizations said payday lenders have found a loophole in the 2005 Payday Loan Reform Act that sought to reduce the cost of payday loans and protect borrowers from a cycle of long-term debt.Advocates said lenders have simply extended the length of payday loans so that they f

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By Mike LillisRepublished courtesy of The Washington IndependentAs Washington policymakers screamed bloody murder last month over bonus payments for a few hundred AIG employees, another much larger scandal flew virtually unnoticed on Capitol Hill: The divide between the wealth of blacks and whites — already gaping — grew again. Now, as Congress prepares to consider a series of consumer-friendly finance reforms, some minority advocates, researchers and lawmakers are pointing to that startling tre

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Areas that lack broadband availability should receive first priority in allocating funding under broadband investment provisions of Congress’ economic stimulus package, the National Association of State Utility Consumer Advocates (NASUCA) announced today. Washington ( Vocus / PRWEB ) April 13, 2009 — Areas that lack broadband availability should receive first priority in allocating funding under broadband in

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