February 4, 2016
Four in 10 New Mexico title loan borrowers lost their cars in 2014. That’s 10,000 autos repossessed.
Payday and title loan borrowers paid interest rates averaging 300% on debts that typically lasted 6 or more months. Every independent and governmental study tells us these loans devastate the finances of working and low income families.
Tell New Mexico Legislators to STOP THE CARNAGE by signing the linked petition.
New Mexico has awarded licenses to over 700 small loan rip off artists that prey upon low income borrowers. They are allowed to charge any interest rate and impose any loan terms they please. No wonder we suffer more poverty that almost every other state in the nation!
Pressured by an army of industry lobbyists, the state legislature has once again tabled proposed legislation to enact the same 36% interest rate caps that the US military has implemented to protect active service personnel. Twelve states have implemented across the board interest caps, and 29 have banned title loans altogether.
Click FIX IT and sign the petition to set our legislature straight on what it needs to do. Then send this petition to all of your list serves!
Co-Chair, NM Fair Lending Coalition
PO Box 2580
Mesilla Park, NM 88047