Our Holiday Wish
Friends,
As you’ve heard, the payday lenders are already gearing up for a knock-down, drag-out fight for their survival this session. As opponents to their 400% interest rates, we must stand up to ensure the sun sets on their outrageous rates on July 1st!
Working together, we can maintain the 2010 Payday Loan Sunset, making this the last Holiday Season that Arizona families have to contend with these predatory lenders.
So, this Holiday Season, our wish is that our state leaders will respect the voters’ wishes: The Sun Must Set on 400%!
Business and civic leaders of all political parties, from across the state, have condemned the payday lenders’ 400% interest rates. Furthermore, they have stated clearly that they heard the voters’ overwhelming disapproval for payday lenders.
But unfortunately, Governor Brewer and some in the Legislature apparently haven’t gotten the message.
Tell your elected leaders: “This New Year, the Sun Must Set on 400%!”
By Christmas next year, hundreds of thousands of Arizonans currently caught in the payday loan debt trap will be free – if we uphold the 2010 Sunset. Without predatory interest rates keeping them down, more Arizonans will have money to spend on gifts for their loved ones and holiday cheer.
AARP Arizona has called on the governor to veto any bill which would overturn the will of the voters. View their letter on our home page, or click here to download it.
Also, Attorney General Terry Goddard is going after one of the largest payday lenders for their unscrupulous collections practices in Arizona, in addition to strongly supporting the 2010 sunset on 400% interest rates.
We won at the ballot box in 2008, and we can win again at the Legislature this year. But, it’s going to take all of us!
We must make sure our legislators and the governor know: it is time to finally STOP the payday lenders from stripping over $150 million a year from hard working Arizonans.
Join me in telling our leaders: “This New Year, the Sun Must Set on 400%!”
And if you’d like to donate to the cause, either online or through the mail, click here.
You and I both know that 400% interest is unacceptable. This year, working together, we can bring it to an end!
Thank you for all you have done, and for all you will do.
Happy Holidays! See you in 2010!
Sen. Debbie McCune Davis
Arizonans for Responsible Lending
PS: Payday lenders are out there right now marketing their loans as a way to get through the holidays. But rather than a short-term fix, as they advertise, they’re just a long-term debt trap.
Nationally, more than 75% of payday borrowers have to take out a new loan within two weeks of their first loan, in order to fill the large gap the payday loan creates in their family budget. See 2009 research report, Phantom Demand, here.
Paid for by Arizonans for Responsible Lending