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WASHINGTON, D.C - U.S. Representative Ron Lewis urged consumer caution today following recent stories about deceptive lending schemes. Lewis also praised the efforts of Don’t Borrow Trouble Kentucky, a coalition of over 20 organizations who are working together to prevent unethical lending practices in Kentucky.
“Most lending professionals are genuinely interested in protecting the financial security of new homeowners as they begin to pay their mortgages,” said Lewis. “However, a select few within the industry continue to practice predatory schemes that warrant consumer caution when considering the terms of a new loan.
“Many of us receive offers in the mail or see ads on TV offering to refinance home loans and lower bills. While these offers seem attractive, they are often schemes deliberately designed to add costs and raise rates once you have applied.
“The terms of credit extended to consumers can be deceptive. Lower monthly rates are often matched with longer-term loans, sinking individuals deeper into debt. Many people also risk losing their homes if they cannot honor loan repayment terms.”
Don’t Borrow Trouble Kentucky can help with questions concerning refinancing, foreclosure prevention, home repairs and other types of loans. The organization can also refer consumers to local agencies and financial counselors.
“We must work together to highlight risks and encourage informed decisions to protect the financial well-being of millions across the Commonwealth. I applaud Don’t Borrow Trouble Kentucky for their public service to help consumers determine whether the loan terms they are considering from private creditors are reasonable or risky.”
Don’t Borrow Trouble Kentucky offers free advice about safe loans. Advisors can be reached toll free at (866) 830-7868.
Representatives will be holding an introductory news conference Wednesday November 14th at 10:00amET at the Challenger Learning Center, 2000 Challenger Way, Radcliff.
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