Meanwhile, in Washington, D.C., more than 100 people descended on the Democratic National Committee headquarters Wednesday to protest DNC Chair Florida Congressmember Debbie Wasserman Schultz’s support for a new bill that would gut proposed regulations for payday lenders. The Consumer Financial Protection Bureau is slated to introduce new rules to rein in the notoriously unregulated world of payday lending. But Schultz and other lawmakers are instead sponsoring legislation that would weaken the rules and delay their implementation for more than two years. On Wednesday, a protester spoke out about the predatory nature of the industry.
Protester: “I made my payments, and they offered me to reborrow, and that sent me into a cycle of debt. And that was a trap, because I had to go from one loan place to another to pay off the original loan. And for two to three years I was trapped in this cycle, which is designed purposely by the payday lending companies to keep people coming in for payments. They thrive off of 50 percent defaults of people. They want you to not be able to pay.”