On this edition of Your Call, we discuss the movement to cancel student debt. More than 43 million borrowers owe a collective $1.7 trillion in student debt
click to enlarge Unsplash / The New York Public Library Among the flurry of bills passed in the five-day January lame duck session in Springfield was the Predatory Loan Prevention Act, a measure that would cap interest rates for consumer loans under $40,000 such as payday loans, installment loans, and auto title loans at 36 percent. These types of loans often trap consumers in cycles of debt, exacerbate bad credit, lead to bankruptcy, and deepen the racial wealth gap. Some 40 percent of borrowers ultimately default on repaying such loans. The new regulation was in a package of bills advanced by the Legislative Black Caucus as part of its four pillars of racial justice reforms in economic policy, criminal justice, education, and health care.
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A bank and a homeless man teamed up to help the unbanked get their COVID stimulus checks
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Kenneth Moss uses the ATM at the Key Bank on Canal Street in Stamford, Conn. on Monday, October 12, 2020. Moss friend Leon Standly, a Pacific House Shelter resident, helped Moss get a hassle free account at the bank after developing a relationship with a bank manager.Brian A. Pounds / Hearst Connecticut MediaShow MoreShow Less
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Leon Standly, left, and Kenneth Moss at the Key Bank on Canal Street in Stamford, Conn. on Monday, October 12, 2020. Standly, a Pacific House Shelter resident, helped Moss get a hassle free account at the bank after developing a relationship with a bank manager.Brian A. Pounds / Hearst Connecticut MediaShow MoreShow Less
have under t.a.r.p. every day they still put this out as a reminder how bad that crisis was. i can t believe they still haven t paid it back. any hear anything you said i can t believe they have not paid it back. isn t there like a time line they must pay back that money? no, really they ll never have to pay it back. i mean, you know, what are the taxpayers going to rise up and do something about this? in terms of the citigroup situation, i did talk to someone at center for responsible lending, are we really going to they say they re going to pay this money. who is going to actually see it. there is someone who is supposedly going to monitor this. there is not a lot of transparency. who is really going to get the help? who is really going to get a cut in their interest rate? there s some issues there. you said taxpayers are not going to rise up. imagine if someone decided not to pay their taxes, though. that would be a completely different story. i don t want to pay what i ow
remember that, tied to the train track, helpless, her only hope is that she s rescued before she is flattened, destroyed, ripped to bits, like a penny on the train track. makes me think of the aflac ad. the government added another $60 billion to the deficit in june. so the grand total on money that we ve borrowed so far this fiscal year is $904 billion. the real headline, though, is that that number confirmed that we are on solid track to hit a $1 trillion deficit for the fourth year in a row. well, the sky high numbers start to blur in this country. it s trillions here and trillions there and hundreds of trillions. it gets confusing. tonight actually there s a really frighteningly easy way to put that $1 trillion in perspective. so to give you just a sense of how much money we re burning through that we do not have, remember the $1.2 trillion in automatic cuts that coming at the end of the year? the so-called sequester cuts that republicans and democrats alike say will kill