| Mortgage LendingMortgage loans used to be simple, standardized, and safe. But in the last decade unscrupulous lenders used aggressive and deceptive sales tactics to push overpriced and dangerous subprime mortgages onto millions of too-trusting borrowers. The current tsunami of foreclosures is the result. Read more. | |
 | Credit CardsCredit card lending is based on a “tricks and traps” business model. Unlike other contracts, credit card contracts almost always allow companies to change the rules at any time for any reason. Read more. | |
| Payday LoansThe payday lending business model relies on trapping consumers on a perpetual debt treadmill. The typical borrower pays back $793 for a $325 loan, and APRs on two-week payday loans range from 390 – 780%. Read more. | |
| Student LoansMany student loans are offered or guaranteed by the federal government. But there is also a growing private student loan market - where the limited controls on costs and features can lead to serious problems for student borrowers. Read more. | |
 | Car FinancingWhile most households find a car necessary, few people have enough money to buy one without taking out a car loan. Car dealers try hard to arrange the financing when they sell a vehicle, but borrowing through a dealer is often a bad idea. Read more. | |
 | Overdraft LoansConsumers receive “overdraft loans” when a bank or credit union lends them money to cover a debit card purchase, ATM withdrawal, or check that puts the consumer’s balance in the red. In exchange for this loan, banks charge fees which average $34, even if the purchase was a few dollars or less. Read more. | |
 | Refund Anticipation LoansRefund Anticipation Loans (RALs) are arranged by tax preparation agencies like H&R Block. They are a very expensive and risky way to get money only about ten days earlier than if you wait for the government to deposit your refund directly into your bank account. Read more. | |
 | Car Title LoansWith a car title loan, the legal document showing ownership of the car (its title), and sometimes a copy of the keys, are held by the lender. If you miss a payment, you lose your car. Read more. | |
| Debt CollectionToday, debt collection is carried out by a multi-billion dollar
industry dominated by large, faceless corporate mega-collectors. The
tactics used by the majority of these corporations are unethical,
abusive, and largely illegal. Read more. | |
 | Credit Reporting and ScoringAbout 200 million Americans have credit files maintained by the major reporting agencies. The credit reporting industry, while massive, is error prone and its system for fixing mistakes is perfunctory at best. Read more. | |
| Debit CardsDebit cards are becoming the dominant form of payment for consumers, according to a 2006 Federal Reserve Board research report. Read more. | |
Americans for Fairness in Lending (AFFIL) and Americans for Financial Reform (AFR) are partnering to reform the nation's lending industry and financial system to protect Americans' neighborhoods, homes and pocketbooks.
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