BY ALICE FORGY KERR February 23, 2015 Kentucky.com Payday loans have become a scourge on our state with interest rates that average more than 300 percent. Most payday borrowers end up trapped in debt because they cannot pay off their high-interest loans and also cover their normal living expenses. The borrower is forced to take…
Posted on February 24, 2015 by AARON WEAVER Stephen Reeves, CBF’s associate coordinator of partnerships and advocacy, spoke in favor of payday loan reform at a press conference today (Feb. 24) at the Kentucky State Capitol in Frankfort, Ky. Reeves’ remarks came as part of a two-day conference, Feb. 23-24, on the payday loan debt…
“The Bible condemns gaining wealth through usury; and the writers of Scripture warn about gaining wealth through exploiting the poor… [but] The State of Alabama allows Payday lenders to charge an annual interest rate of 456%.” So reads a 2014 Alabama Baptist State Convention resolution condemning predatory payday loans and recommending a 36% cap on…
Throughout your city, sharp and deadly traps are being set for the most vulnerable and desperate around you. We need to disable these traps before they snap shut, ruining even more lives. Payday and auto title lenders promote themselves as a simple and convenient path for people to overcome a one-time cash shortage. Did your…
On one mile of the Atlanta Highway in Montgomery, Ala., more than a dozen stores offer payday loans or cash on a car title, or they let you pawn a ring. Easy Money, Always Money, TitleBucks: They remind the Reverend Shannon Webster of vultures. “To cluster like that for the purpose of ripping off the poor,…
Every month for about three years, Nina McCarthy followed the same routine after payday. She’d go into a Check Into Cash near her home in the Richmond area, and pay off an open-end loan for $700 or $800 – and then she’d take out a new one for the same amount, never accumulating interest in the process.…
NEWS BRIEFS Feb-13-2015 By Catholic News Service U.S. WASHINGTON (CNS) — You’ve seen the ads that boast of zero percent interest on new-car loans? Well, how would you like to pay back a loan that has 400 percent interest? That’s what’s happening today in the payday lending industry. The federal Consumer Financial Protection Bureau is…
BY MICHAEL GRYBOSKI , CHRISTIAN POST REPORTER November 21, 2014|1:40 pm The coalition met Wednesday morning at the Lutheran Church of the Reformation, mere blocks from Capitol Hill, before heading out to lobby Congress to add new usury restrictions and control lenders’ ability to confuse potential borrowers through slick marketing. Galen Carey, vice president of…
Chris Sanders, Special to The Courier-Journal Hurry in to get your holiday cash today!” “Bring extra cash Ho-Ho-Home for the Holidays!” These advertisements for payday loans can be hard to escape during the holidays. After seeing these advertisements, many well-intentioned parents and grandparents will take out a loan in order to purchase gifts for their…
By Rebecca Thiess / Dec. 24, 2014 / US News & World Report The holidays are upon us, and for many this is a season of financial stress and strain as well as joy – a time when the need for an extra couple of hundred dollars can seem especially acute. For payday, title loan, and auto…