April 25, 2015
(DALLAS-FT. WORTH, TX) The Consumer Team is investigating payday loans in a series of interviews with Suzanne Martindale, staff attorney at Consumer’s Union. Martindale and CU have been lobbying for stricter guidelines to protect consumers from high interest rates and other payday loan tactics that often result in trapping consumers into long-term and high interest debt.
Pete Thomson, host of The Consumer Team, commented on the interviews with Suzanne Martindale. He said, “We’re all about consumer education on The Consumer Team. Suzanne Martindale is a very good resource for information on banking and other financial issues that consumers face. With payday loans, we’re concerned about the trap that consumers are getting into which can stretch the term of even a small loan to many months with a triple digit APR.”
Thomson said that The Consumer Team will feature several interviews with Ms. Martindale regarding payday loans. Thomson added, “First we want to educate our listeners regarding the dangers of getting a payday loan. Beyond that we’ll talk about Consumers Union’s efforts to impact legislation to protect consumers. And we’ll also shed a needed light on the Wall Street connection with the payday loan industry.”
Thomson cited Consumer’s Union’s work in consumer advocacy as vital to the American Consumer. Thomson stated, “Consumer’s Union does so much to protect the consumer. We regularly consult their resources for The Consumer Team radio program. Their efforts to impact legislation are so important, and with the powerful industry lobbies that they face, it’s vital the consumers understand and support the efforts of Consumer’s Union. The fight for consumer rights would be much more one-sided without Consumer’s Union fighting on our behalf.”