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Protect Borrowers @protectborrowers.bsky.social · 8h

California's Little Hoover Commission is tackling $390M+ in institutional debt students owe to CA public colleges. The commission’s proposed solutions come after a hearing requested by @blancapacheco.bsky.social & the Campaign for California Borrowers' Rights.

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Protect Borrowers @protectborrowers.bsky.social · 30/09/2026

"And nearly four in five voters support capping credit-card interest rates at 10%." New piece by Aaron Zitner in The Wall Street Journal finds broad support for capping the cost of credit-card interest rates, among other things.

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Protect Borrowers @protectborrowers.bsky.social · 24/09/2026

“It’s different if people are so desperate that [Buy Now, Pay Later loans] are the only ways they can make ends meet… the fact that usage is rising so much is pretty much a sign that people are really struggling.” - @nytimes.com's Stacey Cowley

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Protect Borrowers @protectborrowers.bsky.social · 22/09/2026

Big coalition is out today urging committee members to hold an emergency hearing on the current student loan system chaos - via @politico.com. We need oversight when Congress is back in November!

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Protect Borrowers @protectborrowers.bsky.social · 21/09/2026

“What we saw Vought do with Bilt is innovative—and I don’t mean that as a compliment.” - Protect Borrower's Mike Pierce. The Trump CFPB’s treatment of Bilt shows a Reagan-esque mindset: a wholesale deregulatory approach meant to strip away regulations and oversight of all companies.

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Protect Borrowers @protectborrowers.bsky.social · 21/09/2026

To expand our state enforcement & oversight work, we recently welcomed an incredible group of @newyorkstateag, CFPB, & @DCAttorneyGen alums to the Protect Borrowers team: • Laura C. Dismore • Lorelei Salas • Adam Teitelbaum • Austin Hinkle More here:

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Protect Borrowers @protectborrowers.bsky.social · 18/09/2026

Anabel, a borrower & @aft.org member, spent 5+ years in limbo on her student loans. Then boom: she got #onebigbill of $630/month thanks to OBBBA. Now she has had to call off having a second child and stop saving for retirement entirely.

From Anabel's submission: "In May of 2026, after over five years of having my student loans in "limbo" following COVID-19 forbearance and an application to the SAVE program, I saw a billing statement on my student loans with very little warning.... we have tried hard to live within our means, but adding my $630 bill to a mortgage, childcare payment, and a rising cost of groceries and gas destabilized us... The added expense has essentially made our decision final to not have a second child..."

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Protect Borrowers @protectborrowers.bsky.social · 17/09/2026

Diane, an @aft.org borrower, makes $75K and still can't afford groceries. Her student loan servicer has repeatedly failed to process her paperwork on time and recently tried to take $2,000 from her account while she was supposed to be in forbearance.

From Diane's story submission: "... First my bill went from 50.00 a month on the SAVE plan to 249.00 on the Trump plan, then when i had to get a second job to pay the higher student loan payment, the next year because I made more money, the bill rose to 500.00-- except-- [MOHELA] claimed they didn't get my IDR reauthorization when I sent it in in April... Today they tried to take out 2,361.82 out of my bank account when I'm supposed to be in forbearance because my IDR application is processing."

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Protect Borrowers @protectborrowers.bsky.social · 16/09/2026

ICYMI: Must-listen episode of @nytimes.com The Daily podcast ft Stacy Cowley on the financial trap caused by Buy Now, Pay Later loans.

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Protect Borrowers @protectborrowers.bsky.social · 15/09/2026

Alyssa, a @debtcrisisorg.bsky.social borrower from Oregon, was on track for loan relief in 2024 until court chaos delays. Now her balance is high because loans that should've been relieved years ago never were. She says the PSLF mess makes 12 years in public service "feel like it wasn't worth it."

From Alyssa's submitted story: "I appreciated being on the SAVE plan. I was on track to have my loans forgiven in 2024 but because of all the mess in the courts they were not discharged yet. My balance is high because half of them should have been forgiven and discharged almost 3 years ago... I worked very hard in public service for 12 years And, the pslf system has been in such a mess that I feel like it wasn't worth it."

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Protect Borrowers @protectborrowers.bsky.social · 14/09/2026

Bilt's credit card rollout broke for the second time this year. The Trump CFPB's response: politely asking if they'd fixed it.

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Protect Borrowers @protectborrowers.bsky.social · 11/09/2026

Dr. Lyn is 71 & juggles being a: • full-time teacher • part-time Walmart employee • primary caregiver for her adult son who can’t work or drive to doctor appointments And now, her monthly student loan bill is $1,500. Borrowers deserve better. Share your #OneBigBill story:

From Dr. Lyn's One Big Bill story submission: "I already work two jobs. I am 71 years old. I am a full time high school teacher, and I work a part time job at Walmart. I take care of my adult son who is 41 and lives with me full time. He has not been able to get disability, yet although we have an attorney. I am the primary care giver and he is not able to work. He does not drive and does not have a car. I take him to all his doctor appointments and take care of his medications for him..."

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Protect Borrowers @protectborrowers.bsky.social · 10/09/2026

This week @nytimes.com exposed a sitting U.S. Senator in a tight reelection for suing 700+ of his own patients over medical debt, leading to 81 arrests. New on IN DEBT: our Executive Director Mike Pierce digs in on what this means for the politics of debt a year after our Protect Borrowers launch.

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Protect Borrowers @protectborrowers.bsky.social · 07/09/2026

Working families are stretched thin this Labor Day. Predatory lenders and employers are profiting off the affordability crisis, pushing families struggling to afford everyday expenses deeper into debt. We deserve an economy where debt doesn’t limit opportunity.

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Protect Borrowers @protectborrowers.bsky.social · 06/09/2026

Gidget went to college, started working, built a career, and cares for her aging mom. Her student loan bill spiked to ~$1,000/month. Now, she & her husband can't save for the baby they wanted to have. Share your #OneBigBill story:

Part of Gidget's submitted story: "I’m in the sandwich generation, and a newlywed. I did everything I was “supposed” to: I stayed out of trouble, went to school, worked throughout college and law school, got “the job”, am taking care of my aging mother, and am living “below my means”. My husband and I were hoping to start trying to have children this year. Now because of this almost $1k payment every month, we can’t start saving for a baby..."

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Protect Borrowers @protectborrowers.bsky.social · 05/09/2026

The Trump Admin's stealing progress toward Public Service Loan Forgiveness. Public service workers may be required to pay YEARS of additional payments before earning student debt relief they were promised after 10 years of service. See Winston Berkman-Breen’s Substack for more:

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Protect Borrowers @protectborrowers.bsky.social · 04/09/2026

@seiu.org member & student loan borrower Aaron lost all but 2 months of PSLF credit after nearly a year in the SAVE forbearance. Now, he may no longer be able to support his elderly mom. Borrowers are facing similar situations nationwide. Are you one of them? Share your story:

One Big Bill campaign submitted story by Aaron from California: "I sat in administrative forbearance from August 2025 until July 2026 after having been moved out of SAVE for the December payment and switched back. I lost all but 2 months of PSLF credit, and [they] told me Dec doesn’t count because I was still in SAVE. I help support my elderly mother and told her I may have to stop. Honestly didn’t know when or how much all year, so she’s been anxious too.."

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Protect Borrowers @protectborrowers.bsky.social · 31/08/2026

More student loan borrowers are at risk of default as OBBBA spikes monthly payments. “A lot of other expenses [are] going up for people... most people are going to choose that other payment [over paying their student loans] to keep their family going.” - Amy Czulada Interview:

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Protect Borrowers @protectborrowers.bsky.social · 30/08/2026

Apple's new Apple Upgrade program has customers RENT—not own—their iPhones. Americans are being priced out of everything. First you're told to cut back, then borrow, and when even BNPL fails, to rent… even the phone in your pocket. Read Protect Borrowers' Jenn Zhang's Substack breaking this down:

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Protect Borrowers @protectborrowers.bsky.social · 28/08/2026

Denise recently retired, lives on a fixed income & relies on her daughter's help. Her student loan payment went from $15 to $162/month while she was hospitalized w/ a stroke, unable to send her servicer paperwork. A health crisis & servicer error shouldn't result in #OneBigBill

Denise story: "I am retired, on a fixed income, and need my daughter’s help. My student loan used to be [$]15.00 a month, which I could do, but when I was in the hospital with my stroke, Nelnet stated I didn’t recertify, and my loan payment skyrocketed to [$]162.00 a month, which I can’t afford. I am in forebearance right now. I had to pay off medical bills as those copays add up as well. Whenever I call Nelnet, they give me different advice. Don’t know if my loan payment has gone up even more."

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Protect Borrowers @protectborrowers.bsky.social · 27/08/2026

Our Executive Director Mike Pierce & @aft.org President Randi Weingarten argue in @ms.now that students & borrowers deserve a system that can “eliminate debt, drive bad actors out and ensure colleges have the resources to educate and train the next generation…” Read their op-ed below:

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Protect Borrowers @protectborrowers.bsky.social · 21/08/2026

Our new investigation sounds the alarm on the unique risks that state-based student loans pose to families & the abusive practices these lenders deploy when borrowers fall behind. Learn more here:

"The Worst of Both Worlds. Our new investigation reveals the risks of state-based student loans and abusive practices of state lenders."

"Our New State-Based Student Lending Report Findings: rigid programs, few pathways for relief, and aggressive debt collection practices."

Screenshot of the linked press release, "As Trump's One Big Beautiful Bill Law Forces Families Into More Expensive, Risky Private Loan Market, New Protect Borrowers Report Exposes Risks of State-Backed Private Student Lenders: Report Comes as State-Based Private Lending Industry Ramps up Efforts to Weaken Transparency and Bypass Anti-Corruption Rules Set by Congress to Protect Students"

"The Worst of Both Worlds. Read our full report and our Substack breaking down the report's key findings in the comments."

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Protect Borrowers @protectborrowers.bsky.social · 16/08/2026

If you miss a Buy Now, Pay Later (BNPL) payment, junk fees can trap you in debt. Our recent report finds nearly half of Americans used BNPL last year. The Trump Admin pulled back on oversight. Policymakers at all levels must protect families.

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Protect Borrowers @protectborrowers.bsky.social · 14/08/2026

Banks have nearly doubled credit card interest rates over the past decade. New from our Executive Director Mike Pierce in Open Banker: banks are like “government-sanctioned monopol[ies].” Families deserve policy that disciplines banks for ripping them off & breaking social contracts.

Screenshot of Mike Pierce's Open Banker op-ed, "On 'Crude APR Rationing' and FinReg that Meets the Political Moment"

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Protect Borrowers @protectborrowers.bsky.social · 12/08/2026

“Trump’s budget bill wrecks the finances of families with student debt.” ICYMI @protectborrowers.bsky.social's Mike Pierce & @aft.org's Randi Weingarten published a piece in @ms.now—and it’s a must-read!

Screenshot of linked MS NOW op-ed, “How Donald Trump is wrecking the finances of families with student loan debt””

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Protect Borrowers @protectborrowers.bsky.social · 07/08/2026

Apple now lets you RENT your phone—you pay monthly for years, own nothing, face hidden fees & predatory terms, and do it all over again when the lease term is done. First you’re told to cut back. Then borrow. Then when even BNPL fails, to rent. Read Jenn Zhang's new Substack for more:

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Protect Borrowers @protectborrowers.bsky.social · 06/08/2026

New @TCFdotorg @borrowerjustice utility debt analysis. TLDR, the utility crisis is getting worse: 💰Energy bills have spiked 3x faster than inflation 💰Typical bills are now $280+ in 18 states 💰Rising utility costs are pushing more families deeper into the red

Photo of a family home with a title reading, “Power Failure: Energy bills are soaring, and more families are falling behind,” and mentioning The Century Foundation and Protect Borrowers’ new updated utility debt report.

Photo of power grid towers with text reading that “Energy prices are rising three times faster than inflation under Trump” and that the average monthly energy bill has climbed to $280—up 12% since the end of 2024.

Century Foundation and Protect Borrowers graphic of a 50-state heatmap, reading “For millions of families, higher bills are becoming impossible to keep up with. Average energy costs have jumped more than 20% in ten states since the end of 2024…”

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Protect Borrowers @protectborrowers.bsky.social · 30/07/2026

As borrowers faced spiking loan bills under OBBBA, financial aid officers drank champagne from a literal aerial dancer at a conference co-sponsored by private student lenders. This is Trump’s new student loan market—private lenders expecting a big payday on the backs of borrowers.

Screenshot of image from James Baratta’s linked The American Prospect article, “Student Loan Borrowers Beware” featuring an aerial dancer handing out glass of champagne at the conference. Subtitle reads, “Champagne?”

Screenshot from the article of an image of SoFi conference billboard. Subtitle reads, “‘FAO’ stands for ‘financial aid office.’”

Screenshot of the beginning of the article text.

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Protect Borrowers @protectborrowers.bsky.social · 29/07/2026

Tmrw, the Senate HELP Committee votes on a bill that would make it even easier for private student lenders (with a history of cheating students) to land on schools' preferred lists with less oversight, not more. More on the State-Based Education Loan Awareness Act on Substack.

Image of an aerialist plying financial aid officials with champagne paid for by private student lenders at the NASFAA 60th Anniversary Gala in 2026 from In Debt Substack post "Congress Wants to Make it Easier to Load Students Up with State-Based Private Student Loan Debt" by Aissa Canchola Bañez, July 29, 2026. https://indebt.substack.com/p/congress-wants-to-make-it-easier Original image source: The American Prospect article “Student Loan Borrowers Beware” by James Baratta from July 23, 2026.

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Protect Borrowers @protectborrowers.bsky.social · 27/07/2026

Imagine a loan where: • 1/2 of borrowers missed a payment in the last year • 2/3 have subprime credit • Penalty fees can rival a 200% APR Sounds like a payday loan? It's actually a Buy Now, Pay Later loan… and they’re everywhere. More from Protect Borrowers' Jenn Zhang on Substack:🧵:

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Protect Borrowers @protectborrowers.bsky.social · 24/07/2026

Student loan defaults are at an all-time high & still climbing. “Folks are struggling to make ends meet & cover all the rising costs... growing student loan bills are making things worse and folks are falling behind.” - Aissa Canchola Bañez, @protectborrowers.bsky.social Via @apnews.com:

Screenshot of AP’s line chart, “Over 9 million student loan borrowers are now in default.”

Screenshot of AP’s heat map, “Defaults have surged in Southern states” showing the percentage of borrowers in default in all 50 states.

Screenshot AP’s article, “A wave of student loan borrowers have entered default since pandemic-era protections lapsed.”

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Reposted by Protect Borrowers

Roosevelt Institute @rooseveltinstitute.org · 23/07/2026

What keeps someone in the fight for consumer protection? In our first in a series of Roosevelt Society profiles, Jennifer Zhang reflects on her path from the Roosevelt Network to the CFPB and @protectborrowers.bsky.social, why student debt matters, and what keeps her hopeful:

rooseveltinstitute.org

Inside the Fight for Consumer Protection: Q&A with Jennifer Zhang

Jennifer Zhang discusses student debt, consumer protection, and her journey from the Roosevelt Network to the CFPB and Protect Borrowers.

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Protect Borrowers @protectborrowers.bsky.social · 23/07/2026

Americans are going into debt just to eat... and Congress is making it worse, instead of better. New Substack from @markhuelsman.bsky.social on In Debt: indebt.substack.com/p/let-them-eat-…

Image of the cover of the Substack post "Let Them Eat Credit" "As grocery prices skyrocket, Americans are going into debt just to eat, and Congress is making it worse." by Mark Huelsman on Protect Borrowers' Substack In Debt on July 23, 2026. https://indebt.substack.com/p/let-them-eat-credit

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Protect Borrowers @protectborrowers.bsky.social · 21/07/2026

Trump’s OBBBA just made unprecedented cuts to the federal student loan system. @protectborrowers.bsky.social, @aft.org, NAACP, and a broad coalition just launched “One Big Bill”—a borrower story gathering campaign to document the financial harm of OBBBA on families with student debt.

Screenshot of press release linked in comments, "‘One Big Bill’ Story Gathering Campaign Launches to Document the Financial Harm of OBBBA on Working Families With Student Loan Debt"

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Protect Borrowers @protectborrowers.bsky.social · 20/07/2026

We released a new @dataforprogress.org poll on Buy Now, Pay Later loans: 📊 Nearly 4 in 10 respondents (& nearly 6 in 10 under age 45) have used BNPL 📊 Many used their loans for essentials like groceries (46%) Voters across party lines support regulating the BNPL industry. Poll👇

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Protect Borrowers @protectborrowers.bsky.social · 17/07/2026

The Trump-Vance Admin tried to weaponize Public Service Loan Forgiveness. Federal judges struck it down. The rule would've blocked cancellation for public service workers doing work that goes against the Admin's political agenda. Now the rule will not take effect for anyone, anywhere.

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Protect Borrowers @protectborrowers.bsky.social · 13/07/2026

“It’s a vicious cycle.” @aft.org member Ashley Reed had to use Buy Now, Pay Later loans for necessities after maxing out her credit cards to cover medical expenses for her mom. Ashley is not alone—our new @dataforprogress.org poll shows 46% of BNPL users have used BNPL for groceries.

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Protect Borrowers @protectborrowers.bsky.social · 13/07/2026

NEW: We just released findings from the most comprehensive investigation to date on the growing Buy Now, Pay Later market. What we found is alarming. Nearly half of BNPL users have missed a payment. BNPL late fees can rival payday loans with 200% APR. And more.

Screenshot of Protect Borrowers press release of BNPL report: https://protectborrowers.org/widespread-financial-desperation-pushing-americans-to-lean-on-fee-laden-bnpl/ "Widespread Financial Desperation Pushing Americans to Lean on Fee-Laden Buy Now, Pay Later Loans to Make Ends Meet, New Protect Borrowers Investigation Shows"
New Poll Finds that Supermajority of Voters Supports Government Action to Rein in Predatory BNPL Industry, Protect Borrowers Calls on Policymakers to Take Action

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Protect Borrowers @protectborrowers.bsky.social · 10/07/2026

At a recent event in Albuquerque, New Mexico, we released new data w/ @AFTNM showing 4 in 5 surveyed educators & public employees in NM cannot save money or are getting deeper into debt. The growing debt & affordability crises harm families & their local communities nationwide.

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Protect Borrowers @protectborrowers.bsky.social · 09/07/2026

@frost.house.gov called on CFPB to protect renters by investigating Rent Now, Pay Later companies & holding them accountable for potential law violations. Predatory creditors are harming families by using these short-term, high-cost loans to profit off of driving them into debt.

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Protect Borrowers @protectborrowers.bsky.social · 06/07/2026

Starting on July 1, servicers were supposed to start sending notices to SAVE borrowers that they’ll have 90 days to switch plans. Check out our own Amy Czulada's blog to learn: 👉 Which plans are still available to borrowers 👉 Where borrowers can get help if they have issues Read the blog👇

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Protect Borrowers @protectborrowers.bsky.social · 01/07/2026

Today the “One Big Ugly Bill” Act's unprecedented cuts to higher ed and student loans go into effect See Mary Cunningham's CBS MoneyWatch article below for what students and borrowers need to know.

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Protect Borrowers @protectborrowers.bsky.social · 01/07/2026

New @newyorkfed.org data show the # of Americans falling severely behind on credit card payments has SPIKED & is on track to surpass the Great Recession’s peak. On In Debt, our own Aissa Canchola Bañez & @tcfdotorg.bsky.social's Gerardo Bonilla Chavez break this down & share state fact sheets

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Protect Borrowers @protectborrowers.bsky.social · 30/06/2026

Trump's Public Service Loan Forgiveness rule has been vacated. This was a simple but powerful case with serious implications for working people across the country. Full quote:

“This was a simple but powerful case with serious implications for working people across the country,” said Protect Borrowers legal dir. Winston Berkman-Breen. “Today the Court recognized ED's unlawful attempt to empower the Trump Admin to target political opposition at the expense of borrowers & public service. This rule was clear overreach & has already harmed public service employers & workers across the country, including our 14 plaintiffs.

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Protect Borrowers @protectborrowers.bsky.social · 30/06/2026

The affordability and debt crisis is real. "Over 100 million Americans have credit card debt now, many of them putting groceries and gas on their credit cards just to make it to the end of the month. Delinquencies are at the highest level since the crash of 2008."- @elizabeth-warren.bsky.social ‼️

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Protect Borrowers @protectborrowers.bsky.social · 26/06/2026

@repsummerlee.bsky.social & @markey.senate.gov are demanding answers from 5 corporations on their use of stay-or-pay contracts like TRAPs to charge workers $ for leaving their jobs. Employers are required to pay employees for their work. Not the other way around. 🤝

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Protect Borrowers @protectborrowers.bsky.social · 25/06/2026

Gig workers can't get bank loans because they have no W-2, no credit history. So a new industry of predatory cash advance lenders has moved in to fill the gap. One of them, KoinsYa, charges 2,381% APR.

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Reposted by Protect Borrowers

Rep. Summer Lee @repsummerlee.bsky.social · 25/06/2026

You shouldn't be in debt to your employer for leaving a job. @markey.senate.gov and I are demanding answers from companies about their use of coercive stay-or-pay contracts that saddle workers with debt and restrict their freedom to leave. These anti-worker practices must end.

Photo that reads "Rep. Summer Lee & Senator Ed Markey demand answers from major corporations on “Stay-or-Pay” Contracts”. The image has a black and yellow background with copies of the letter sent out on top.

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Protect Borrowers @protectborrowers.bsky.social · 24/06/2026

President Trump promised to cap credit card interest rates at 10%. We are more than 5 months past Trump's January 20 deadline. Not a single bank has done so. Absolute 🔥🔥 from @elizabeth-warren.bsky.social

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