Sign the NCTC Petition, Asking Congress to Protect Workers from Predatory Lenders
The National Community Tax Coalition (NCTC) is a nationwide network of over 600 community-based organizations, the majority of which run Volunteer Income Tax Assistance (VITA)/free tax preparation programs for over one million low-income workers across the country. As front-line service providers, NCTC sees widespread devastation caused by the current economic crisis.  One thing is clear – American workers are struggling.
Each year, low- and moderate-income workers spend an estimated $7.75 billion in fees and interest on payday loans and Refund Anticipation Loans (RALs). These billions of dollars end up in the deep pockets of for-profit lenders when workers’ wages could be spent in local communities, used to pay bills, invested in education, or saved for the future.
To reverse the course created by reckless neighborhood lenders and the lack of sound regulatory policy, our elected leaders must pass comprehensive legislation that protects the backbone of our economy -working families. The National Community Tax Coalition will push our Legislators to pass comprehensive measures that cap interest rates at 36%; restrict RALs; promote full disclosure of fees, interest rates, and rules for credit cardholders; and increase regulation on the financial industry.