
Stop the Debt Trap: Pass the Veterans and Consumers Fair Credit Act
High-cost loans are long-term debt traps, often carrying triple-digit interest rates that can cost more than two or three times the original loan amounts.
Since we announced our consumer coalition campaign against grocers that require scans of digital ads to gain special digital-only discounts — making it harder for unplugged seniors and others without smartphones to participate, the story has gained some traction.
First, the New York Times did a page one feature on campaign coordinator Edgar Dworsky’s anti-shrinkflation fight. Edgar is founder of two of the Internet’s oldest consumer sites — ConsumerWorld.com and mouseprint.org. Edgar has updated the style over the years, but the sites retain their “retro” look; of course, the content is timely and always on the money.
From the NYT on our shared campaign:
“Currently, he’s [Edgar Dworsky] fighting against “digital discount” coupons, which he thinks are harder for seniors to access because they require technical skill to use.”
Meanwhile, Susan Selasky’s story at the Detroit Free Press notes an apparent victory for the campaign’s letters to big grocery execs:
“Reached by phone Saturday evening, Dworsky said he has only heard from Albertson’s. Dworsky said they thanked him for the letter and stated that “our online/mobile coupons are featured in our weekly circular to help drive digital and in store engagements. For seniors who may not have digital access they are welcome to present the circular/ad to the cashier for discounts at the register.”
Letting seniors (and others?) bypass the tedious digital discounts, even if they own a smartphone, is a good start and follows one of the recommendations in our letter. Let’s hope Albertson’s starts a trend.
High-cost loans are long-term debt traps, often carrying triple-digit interest rates that can cost more than two or three times the original loan amounts.
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