Defend Your Dollars is the website of the Consumers Union Financial Services Campaign, where we support reforms to the financial marketplace to curb bad practices by banks and lenders.
Debt & Loans
High cost credit products comes in various forms: payday loans, car title loans, refund anticipation loans and private student loans. Find out how you can minimize your debt and avoid common traps.
Subtopics:
Car Title Loans
Car title loans are small loan secured by the title to the borrower’s paid-for-vehicle. Legal in less than half the states, title loans typically are due in full in one month and cost 300% APR plus additional fees.
- Consumers pay steep rates for small loans (May 14, 2010)
- Senate debate on financial reform heats up (May 5, 2010)
Debt Collection
- 10 Things Debt Collectors Won't Tell You (October 18, 2011)
Debt Settlement
Don’t Get Caught in the Debt Settlement Trap
- Advance Fees For Debt Settlement Will Be Prohibited (October 25, 2010)
- Advance fees for debt settlement will be prohibited (October 21, 2010)
Payday Loans
Payday loans are single payment small loans based on the lender holding the borrower’s personal check for future deposit. Loans cost 390 to 780% APR when lender charges fees of $15 per $100 repaid in two weeks. Click for a calculator.
- CU comments to the OCC on Overdraft and Bank Payday (August 9, 2011)
- Fast Cash Nation: Our Financial Health Crisis & How We Must Shape Up (April 21, 2011)
- Small Dollar Loans, Big Problems (March 29, 2011)
Student Loans
Private Student Loans Nearly 50 percent of undergraduate private student loan borrowers fail to exhaust their low-cost federal student loans to finance their college education. Families need help understanding college financing.
- 6 Tips for Graduating with Less Student Debt (December 16, 2011)
- College Students: Warnings about the Higher One Card (September 10, 2010)
- Senate debate on financial reform heats up (May 5, 2010)
Tax Refund Loans
Refund anticipation loans are loans secured by taxpayers’ anticipated tax refund. RALs cost 50 to over 500% effective APR and are repaid in less than two weeks by deposit of tax refunds from the IRS.
- Senate debate on financial reform heats up (May 5, 2010)
- Stay Away from RALs (Refund Anticipation Loans) (March 5, 2010)
- Get your tax refund in advance? Maybe not. (January 21, 2009)
Policy and Legislation
- Support for The End Debt Collector Abuse Act (October 28, 2010)
- Support for Debt Settlement Consumer Protection Act of 2010 (September 24, 2010)
- Support for the Deceptive Loan Check Elimination Act (August 7, 2009)
- FTC Debt Collection Roudtable- CU Comment (August 1, 2009)
- Video highlighting the fight in Congress over credit cards (April 7, 2009)
- Testimony on Credit Cards (HR 627) and Overdraft Fees (HR 1456) (March 19, 2009)
- Read CU's overdraft comment on the December 2008 overdraft proposal (March 12, 2009)
- Supporting comment for FTC authority over predatory mortgages (March 4, 2009)
- Coalition endorses bill to cap interest rates (March 2, 2009)
- House to vote soon on foreclosure legislation (February 25, 2009)
- Support for Judicial Loan Modifications (February 24, 2009)
- Summary of December 2008 overdraft proposal (January 27, 2009)
- Federal Reserve Board’s December 2008 overdraft proposal summary (January 26, 2009)
- CU offers regulatory reform principles to the Congressional Oversight Panel (January 16, 2009)
- Groups urge co-sponsorship of credit cardholders bill of rights (January 12, 2009)
- Consumers Union's agenda for the 111th Congress (January 12, 2009)
- Groups call for a consumer agenda for Congress and the new Administration (December 18, 2008)
- Groups call for a consumer agenda for Congress and the new Administration (December 18, 2008)
- CU offers principles for restructuring financial regulation (December 16, 2008)
- CU offers principles for restructuring financial regulation (December 16, 2008)
- Letter to the Federal Reserve System Regarding Check 21 (March 11, 2004)
- Senate letter urging a vote for bridge loans to the domestic automakers (December 10, 2008)
- CU calls for new agency heads to protect consumers in credit and housing (December 2, 2008)
- Letter to President-Elect Obama from Consumers Union President (November 5, 2008)
- CU: Include credit card reforms in bailout package (September 24, 2008)
- Wall Street rescue plan, worries for consumers (September 23, 2008)
- FTC urged to protect gift cardholders (September 11, 2008)
- California Assembly Bill 1830 Fact Sheet - Mortgage Lending Reform (September 9, 2008)
- Consumer’s Union letter urging Congress to act now on credit card reform (September 5, 2008)
- Comments on proposed rule to curb unfair credit card practices (July 15, 2008)
- Comments on proposed rule to curb unfair overdraft practices (June 27, 2008)
- Consumer groups ask IRS to close privacy loophole (April 7, 2008)
- Consumer groups endorse credit card reform bills (March 12, 2008)
- Consumer groups seeks stronger protections for military borrowers (February 25, 2008)
- House bill takes on abusive credit card practices (February 7, 2008)
- California considers foreclosure protection (January 29, 2008)
- CU calls for one stop banking complaint system (December 12, 2007)
- State laws restricting private use of Social Security numbers (November 28, 2007)
- CU urges Fed to improve credit card disclosures (August 27, 2007)
- Consumers Deserve Stronger Financial Services Protections (July 27, 2007)
- Simplify the fees, not just the disclosures (June 6, 2007)
- Consumers Union letter on S. 1178 (April 24, 2007)
- Fact Sheet about ID Theft (April 11, 2007)
- Abusive credit card practices come under fire (January 25, 2007)
- Consumers Union's Guide to State Security Freeze Laws (January 11, 2007)
- States with Security Freeze Laws (October 31, 2006)
- Oregon Measure 42 Questions and Answers (October 10, 2006)
- Oregon Measure 42 Myths and Facts (October 10, 2006)
- GAO stats and facts on credit cards (October 1, 2006)
- Credit Cards: A Call for Reform (October 1, 2006)
- Consumer groups seek more accurate credit reports (May 22, 2006)
- CU supports the “Free Internet Filing Act” (April 21, 2006)
- Letter to the House supporting data security (March 28, 2006)
- Letter to SD Governor to veto weak identity theft bill (March 3, 2006)
- Letter to credit agencies urges Spanish language material (January 19, 2006)
- DATA bill will not effectively help deal with the very real threat of ID theft (November 16, 2005)
- Senator Akaka bill stops check holding for payday loans (October 6, 2005)
- IRS letter asking for rule change on refund anticipation loans (October 5, 2005)
- Click here for a summary of some of the bills that have been introduced in Congress to protect credit card consumers. ]]>">Will Congress Protect Credit Card Consumers? (September 26, 2005)
- ask Fair Isaac to adapt credit scoring models to exclude harmful information about disaster victims.]]>">Groups ask Fair Isaac to adapt credit scoring models to exclude harmful information about disaster victims (September 12, 2005)
- click here.]]>">State security freeze bills (June 14, 2005)
- Click here for the letter. ]]>">CU calls on Congress to enact strong identity theft safeguards (May 9, 2005)
- Letter to House urges rejection of bankruptcy bill (April 15, 2005)
- CU letter with other consumer groups regarding payday loans to FDIC (April 14, 2005)
- Measures to prevent ID theft outlined for Senate hearing (April 13, 2005)
- Consumer groups oppose the Responsible Lending Act (April 11, 2005)
- CU supports the Prohibit Predatory Lending Act (April 11, 2005)
- Washington Post article]]>">Article Highlights Need for ID Theft Protections (April 5, 2005)
- CU calls for changes in credit card practices, law, and regulation (March 24, 2005)
- CU opposition letter rejecting bankruptcy legislation (March 1, 2005)
- Support the Consumer Checking Account Fairness Act (February 8, 2005)
- Freeze Identity Thieves Out of Consumers' Credit Files (February 2, 2005)
- Letter to Bank CEOs asking to improve the Check 21 law (September 20, 2004)
- CU supports the Private Child Support Collection Act (August 31, 2004)
- Letter to CA Governor supporting the Car Buyer's Bill of Rights (August 30, 2004)
- Comments to the FTC on regulations for identity theft rights (June 8, 2004)
- Letter to the SEC Regarding Mutual Fund Reform (May 10, 2004)
- Testimony regarding Check Clearing for the 21st Century Act (September 21, 2002)
- CU's History against Predatory Lending Practices (September 7, 2000)
Consumers Union News Releases
- FTC issues new debt settlement protections (July 29, 2010)
- Consumer groups support reform of debt settlement industry (June 15, 2010)
- Consumers pay steep rates for small loans (May 14, 2010)
- Consumer groups offer debt-strapped consumers advice on getting real relief (January 26, 2010)
- Senator Dodd Unveils Discussion Draft for Financial Reform (November 13, 2009)
- House approves credit card reform bill (May 20, 2009)
- Senate approves credit card reform bill (May 19, 2009)
- Credit card reform bill passes House (April 30, 2009)
- CU applauds Obama credit card proposals (April 29, 2009)
- Senate panel passes bill limiting credit-card rates (March 31, 2009)
- Groups urge House to approve credit card reform (March 31, 2009)
- Senate panel to consider landmark credit card bill (March 30, 2009)
- Consumers need opt-in on overdraft programs (March 12, 2009)
- Foreclosure plan offers hope for homeowners (February 18, 2009)
- CU: Foreclosure moratorium needed now (February 11, 2009)
- State oversight needed to fight bank abuses (February 5, 2009)
- Consumer group's press release on December 2008 Overdraft Proposal (December 22, 2008)
- Bailout should include new credit card standards (November 26, 2008)
- Statement by CU on President-elect Obama’s economic team (November 24, 2008)
- CU calls for new reforms to address financial crisis (November 14, 2008)
- Senate approves Wall Street rescue package (October 1, 2008)
- Schwarzenegger urged to sign mortgage reforms (September 25, 2008)
- House passes credit card reform bill (September 23, 2008)
- CU: Bailout should include consumer protections (September 23, 2008)
- House to vote on credit card reforms (September 22, 2008)
- OCC sides with banks on credit card reform (August 21, 2008)
- Congress to consider landmark credit card bill (July 28, 2008)
- Gas consumers to get relief on debit card holds (June 27, 2008)
- Alaska governor signs strong new ID theft law (June 13, 2008)
- New rules proposed to curb unfair bank practices (May 2, 2008)
- Senator Dodd's credit card reform bill applauded (April 30, 2008)
- Groups push Congress for credit card reforms (April 17, 2008)
- Congress should curb overdraft loan fees (March 7, 2008)
- Credit cardholders send Congress a Valentine (February 14, 2008)
- CU says Social Security numbers need protection (December 11, 2007)
- FTC: 8.3 million identity theft victims in U.S. (November 27, 2007)
- TransUnion offering security freeze nationwide (September 19, 2007)
- Familes need help understanding college financing (July 19, 2007)
- Consumer groups back credit card reform bill (May 16, 2007)
- CU praises Senate Identity theft legislation (May 3, 2007)
- CU estimates that 23.3 million Americans haven't used last year's gift cards (October 25, 2006)
- CU supports Oregon Measure 42 to ban credit scoring in insurance (September 25, 2006)
- House bill provides key protections against identity theft (March 29, 2006)
- House panel votes to gut existing state identity theft laws (March 16, 2006)
- Proposed AZ identity theft safeguard too costly for consumers (March 10, 2006)
- CU teams up with Montana Attorney General on ID theft protection (February 9, 2006)
- Record penalty: A wake-up call for tougher ID theft protections? (January 26, 2006)
- CU's letter to credit reporting agencies and the news release from Puerto Rico ]]>">Should Spanish speakers also enjoy the right to free credit reports? (January 18, 2006)
- Consumer groups ask questions for new Fed chair nominee (October 24, 2005)
- Credit reporting agencies reject a step to help hurricane survivors (October 6, 2005)
- NJ Governor signs ID theft protections into law (September 22, 2005)
- Katrina aftermath: Be careful when giving to charities online (September 14, 2005)
- Connecticut Governor signs identity theft bill into law (June 24, 2005)
- Read CU's testimony.]]>">10 million Americans at risk of ID theft from data security breaches (June 24, 2005)
- Illinois Governor signs identity theft protections into law (June 23, 2005)
- Read letter. ]]>">Bankruptcy bill will erect harsh new barriers and reward abusive lenders (April 17, 2005)
- Senate Committee to Consider ID Theft Issues at April 13 Hearing (April 11, 2005)
- Bank of America computer tape loss puts 1.2 million at risk of ID theft (February 25, 2005)
- Study: Repossession, foreclosure protection on mobile homes inadequate (February 24, 2005)
- Stronger ID theft protections urged in wake of ChoicePoint Fraud (February 17, 2005)
- Take action now! ]]>">Post "Check 21" banking law reforms proposed in Congress (February 15, 2005)
- Medicare cards pose identity theft risk for seniors (October 20, 2004)
- Consumers Union: Gov’t Report on Mortgage Lending Positive Step (July 17, 1998)
Research and Reports
- Payday loans and overdraft fees (February 24, 2009)
- Consumer Federation of America Payday Loan Page (February 1, 2009)
- Summary of December 2008 overdraft proposal (January 27, 2009)
- CRL Issue Brief: 36% APR Cap on High-Cost Loans (January 10, 2009)
- 2008 Fee Study of Bank and Credit Union Overdraft Programs (January 9, 2009)
- Jury’s out on abusive overdraft loans proposal (December 22, 2008)
- An Agenda To Close Growing Gaps In Marketplace Protections (December 18, 2008)
- CRA is not the cause for the foreclosure crisis (October 21, 2008)
- Schwarzenegger signs foreclosure protection bill (July 21, 2008)
- Consumer groups urge FTC to support low cost, easy to use security freeze (February 25, 2008)
- Consumer groups seek better rules for correcting errors in credit reports (February 12, 2008)
- Your Credit Matters (January 9, 2008)
- Consumer Reports poll on public attitudes about the use of SSNs (December 4, 2007)
- 8.3 million Americans fall victim to identity theft each year (December 4, 2007)
- CR Poll: Americans want identity theft protections (September 6, 2007)
- Credit-based insurance premiums hurt minorities (July 24, 2007)
- Congress considers new ID theft protection (July 18, 2007)
- Another week, another identity theft scandal (May 25, 2007)
- FAQ - Freeze Identity Thieves Out of Consumers' Credit Files (May 11, 2007)
- President's ID Theft Task Force's Plan Falls Short (April 23, 2007)
- TJX data security breach puts millions at risk (March 29, 2007)
- U.S. Senate hearing exposes credit card abuses (March 6, 2007)
- CardSystems' security breach shows need for stronger safeguards (March 2, 2007)
- Illinois, New Hampshire, Oklahoma, Pennsylvania, Rhode Island, and Wisconsin can use a security freeze to thwart identity thieves. Victims of identity theft in Hawaii and Kansas also got that right in the new year.]]>">More consumers can freeze credit files as of January 1, 2007 (January 29, 2007)
- >Illinois, New Hampshire, Oklahoma, Pennsylvania, Rhode Island, and Wisconsin can use a security freeze to thwart identity thieves. Victims of identity theft in Hawaii and Kansas also got that right in the new year.]]>">More consumers can freeze credit files as of January 1, 2007 (January 29, 2007)
- Reviewing Your Credit Report (October 29, 2006)
- Real People, Real Stories (October 20, 2006)
- Consumer Reports investigation warns your privacy is for sale (August 31, 2006)
- The secret score behind your auto insurance (August 10, 2006)
- Report: Banning the use of credit information in insurance (June 30, 2006)
- DACO joins in call to credit agencies on behalf of the people of Puerto Rico (January 19, 2006)
- Editorial: Credit protection (January 17, 2006)
- summary of states where lawmakers have introduced legislation to give consumers the right to place a freeze on their credit files to prevent identity thieves from opening new accounts in their names.]]>">Current State Security Freeze Bills (November 30, 2005)
- States with security freeze laws (November 8, 2005)
- More states giving consumers power to freeze credit files (June 30, 2005)
- Take action. ]]>">Lexis-Nexis security breach puts more consumers at risk of ID theft (March 9, 2005)
- ID-theft protection services typically not worth the money (October 30, 2003)
- You Mean We Don't Have A National Financial Privacy Law? (October 28, 2003)
- Deep-pocketed business groups ramp up efforts to pass consumer credit legislation (September 17, 2003)
- On-line banking policies and principles (October 1, 1999)
Consumer Tips
- Get Real Debt Help, Not Empty Promises (May 18, 2011)
- What you need to Know about Debt Settlement Services (January 5, 2010)
- Fiscal Fitness: Choosing a Credit Counselor (June 16, 2009)
- Knee Deep in Debt (June 16, 2009)
- Debt Collection: A Guide for Consumers (June 16, 2009)
- Easy Credit? Not So Fast! The Truth About Advance-Fee Loans (June 16, 2009)
- Consumer Reports, Viewpoint: Gift Cards (December 15, 2008)
- Reviewing Your Credit Report (December 4, 2007)
- Credit card tips for college students (September 18, 2007)
- 39 states lets consumers freeze credit files (July 16, 2007)
- FAQs on SSNs and ID Theft (October 31, 2006)
- 8.3 million Americans fall victim to identity theft each year (October 11, 2006)
- Recovery information for consumers affected by Hurricane Katrina (September 17, 2005)
- Tsunami scams: Careful when giving to charities online (January 11, 2005)
- New law will mean more bounced checks and fees for consumers (October 21, 2004)
Blog Posts
- 10 Things Debt Collectors Won't Tell You (October 18, 2011)
- Debt Collector Mistakenly Targets CA Senator, Tries to Seize His Wages (June 15, 2011)
- Debt Collection Abuses: New Numbers from the FTC Highlight the Need for Reform (March 21, 2011)
- College Students: Warnings about the Higher One Card (September 10, 2010)
- Good News! Finally Reigning in Debt Settlement Companies (August 6, 2010)
- Consumers pay steep rates for small loans (May 14, 2010)
- Senate debate on financial reform heats up (May 5, 2010)
- Stay Away from RALs (Refund Anticipation Loans) (March 5, 2010)
- Winner of the Danger of Debt Contest!! (March 2, 2010)
- Calling all creative shutter bugs! (September 15, 2009)
- NY's AG goes after Debt Collectors (July 24, 2009)
- Supreme Court decision and President's proposal give states more power (July 1, 2009)
- Rising Foreclosures, Evictions and Scams What’s Going On? (June 25, 2009)
- Consumer Financial Protection Agency - What it is and What it does (June 17, 2009)
- Obama Providing More Financial Protections (May 22, 2009)
- Colbert Report highlights a very bad bill (April 27, 2009)
- Summary of Pew Study on Credit Card Practices (March 30, 2009)
- It’s a big week for credit card legislation! (March 30, 2009)
- Consumer Complaints Work: JP Morgan and Chase to issue Refunds on Credit Cards (March 27, 2009)
- FSPC: Slowing The Race To The Bottom (March 13, 2009)
- Nebraska Identity Theft Bill Advances (March 12, 2009)
- Those pesky overdraft fees--the Fed needs to hear from you too! (March 12, 2009)
- Another Federal Watchdog Agency? It's a Good Thing (March 10, 2009)
- The Faces of Foreclosure— Tomás Hernandez (March 10, 2009)
- Know the rules of the game before taking Capcom card (March 4, 2009)
- Wow! Decisions based on actual data! (March 4, 2009)
- Will Treasury Secretary Geithner Side with Consumers or with Banks in Major Case before SCOTUS (February 25, 2009)
- Don’t spend our tax money to support credit card debt with unfair terms! (January 29, 2009)
- Second Chance for Opt-In to Overdrafts! (January 26, 2009)
- Get your tax refund in advance? Maybe not. (January 21, 2009)
- Unfinished Business: What’s not in the credit card rule (January 7, 2009)
- Initial news reports on new credit card rule inaccurate (December 22, 2008)
- New rules to stop unfair credit card rate increases--eventually (December 18, 2008)
- CU’s Wish List for the New Year (December 11, 2008)
- Chairman Bernanke -- Enact credit card reforms now (December 1, 2008)
- Federal Government Should Set Standards for Taxpayer-backed Credit Card Debt (November 26, 2008)
- CU has launched the 1st Annual Dangers of Debt Cartoon Contest. First Prize is $1000!!! (October 27, 2008)
- Use Your Linens N Things, Mervyns, or Shoe Pavillion Gift Card NOW! (October 23, 2008)
- Bill Me Later might mean Pay Up Much More Later (October 20, 2008)
- Mortgage Meltdown Update (October 14, 2008)
- Use it or Lose it Now…Linens N Things are shutting their doors (October 8, 2008)
- Best plan of action for your money- Stay Put (September 29, 2008)
- Is my money safe? (September 16, 2008)
- Banks get OCC to do their dirty work. (August 21, 2008)
- New Development in California—the Mortgage Foreclosure Crisis Epicenter (July 28, 2008)
- Last Chance to Tell the Fed Your Credit Card Story (July 28, 2008)
- Challenge: What Type of Overdraft Service Do You Have? (June 23, 2008)
- New Way of Lending? (June 11, 2008)
- To the Grad: Words of Wisdom from Consumer Advocates (June 2, 2008)
- Who’s Holding Your Money? (May 19, 2008)
- BANK FEES… (The Clandestine Pick-pocket) (April 28, 2008)
- Buying a car? That super-low monthly payment offer may cause trouble down the road. (April 18, 2008)
- No more dangerous financial products! (March 31, 2008)
- What the Postal Service and the FTC didn’t say about ID theft (March 3, 2008)
- Spending is not the way to save (February 22, 2008)
- Telephone check? Could the Wachovia “demand draft” problem happen to you? (February 6, 2008)
- Monday’s tip from Money Mom: Don’t borrow your tax refund (January 7, 2008)
- Monday's tip from Money Mom: "No payments until 2009" may cost more than you think! (December 17, 2007)
- Do you know where your SSN is? (December 12, 2007)
- Got Money? (October 18, 2007)
- Experian Steps Up (October 4, 2007)
- Tell TransUnion, Experian and Equifax you deserve the best (September 21, 2007)
- Security Freeze for ALL (September 19, 2007)
- Consumer Reports Poll Finds 89% of Americans Want Lawmakers to Restrict the Use of SSNs (September 6, 2007)
- America's banks missing the mark on banking fees (August 27, 2007)
- Opting Out (August 8, 2007)
- Overdrawn? (July 6, 2007)
- Who should decide if you get notice of a security breach? (July 5, 2007)
- Guarding those precious digits... (June 8, 2007)
- A story behind a security freeze law (May 16, 2007)
- Freeze Facts (May 2, 2007)
- Record Set! (March 29, 2007)
- Would you like that burger without the credit card fraud? (March 12, 2007)
- The Word's Out, the Freeze is on Yahoo! (February 21, 2007)
- Don't Pay for a Fraud Alert (February 1, 2007)
- WSJ Article: Squaring Off! (January 29, 2007)
- Eight more states (January 12, 2007)
- What is the OCC? (December 15, 2006)
- Pennsylvania, It's Time to Freeze (December 4, 2006)
- News from Transunion (December 1, 2006)
- Tired of waiting for your deposits to clear? (October 31, 2006)
- Are You Knee Deep in Credit Card Fees? (October 19, 2006)
WHAT'S HOT
Tell Us Your Story!
Have you signed up with a debt settlement company that promised to help you to reduce the money you owe? Millions of Americans have been struggling with debt and many have turned to debt settlement companies for assistance. Too often, you end up paying these firms big fees without getting the help you were promised. Tell us your experience.
We want to hear from you. Your willingness to share your stories helps us pass laws to protect you and your family.Read stories from individuals who have shared their stories, like:
Alex of San Francisco, CA
I'm falling further and further behind on the debts. I'm 77 years old, living in a studio apartment in downtown San Francisco. I survive most of the time on beans.
How to complain to the Government
Online, by mail, phone or fax... Agencies need to hear from you!
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Defend Your Dollars is the website of the Consumers Union Financial Services Campaign, where we support reforms to the financial marketplace to curb bad practices by banks and lenders.
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