Predatory Lending
Wildfire is consistently working toward a fair economic environment for all Arizonans by advocating for the elimination of predatory lending, banking, and savings products.
Promoting Access
Promoting access to wealth accelerators for low-income populations and developing safe alternative banking products.
Children’s Savings Accounts
Coming soon!
VITA / TCE
Helping low-income persons file their taxes for free through our partnership with the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs.
People of color, people with disabilities, people with less education, unmarried persons, and women are more likely to experience poverty.
In the United States, 29.4% of the population will experience 5 or more years of poverty in their lives.
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Between the ages of 25 and 60, 61.8% of the population will encounter at least 1 year of poverty.
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$167 Million
Arizona’s payday lending restrictions save our state’s residents over $167 million each year.
American credit card debt reached record highs in 2018. Americans owe $1.023 trillion in credit card debt. Black Americans are more likely to be targeted by bill collectors; 71% of black households have been contacted by someone attempting to collect a debt, compared to just 50% of white households with comparable incomes.
$1.48 Trillion
Americans owe $1.48 trillion to student loan servicers.
In 2015, 56% of Arizona students graduated with student loan debt.
The cost of a post-secondary education has increased by 200% over the past three decades.
Predatory Lending
Predatory lenders, such as auto title lenders, pawn shops, etc. are disproportionately concentrated in communities of color and low-income communities. According to the Federal Reserve, fewer than 40% of black and Latin households would be able to come up with $400 in an emergency situation, compared with 60% of white households. Similarly, black and Latin households are less likely to have a bank account. As a result, in 2015 13% of black Americans and 10% of Latin Americans used predatory banking products (such as car title loans, payday loans, or pawn shops) compared to 6% of white Americans.
Fewer bank accounts, more alternative products
Financial product usage by race/ethnicity, 2015
Retirement savings have stagnated in the new millennium
Mean retirement account savings of families by age, 1989-2013 (2013 dollars)
Note: Retirement account savings include 401(k)s, IRAs, and Keogh plans. Source: EPI analysis of Survey of Consumer Finance data, 2013.
