Let me make it clear about whenever will Springfield address lending that is payday?
We commend the Springfield City Council for starting a severe discussion on predatory lending. Such talk acknowledges the harm pay day loans inflict upon our community. Ideally, this discussion will result in some concrete action actions for Springfield.
Yet, talk isn’t sufficient.
Springfield is speaking about payday lending for more than 10 years, yet absolutely nothing has changed. Time upon time, talk is not accompanied by action.
An organization from Faith Voices of Southwest Missouri in addition to the indegent’s Campaign protest pay day loans outs /> (Photo: Nathan Papes/News-Leader)
Again, Springfield has neglected to work.
While initiating a promising discussion on payday advances, the town Council recently voted to table three bills designed to rein in this predatory business.
This can be many regrettable.
Nonetheless well-intentioned, talk without action dangers permitting the industry off scot-free.
As the council speaks, pay day loan shops will continue to damage borrowers in addition to regional economy.
Whilst the council speaks, the industry continues to burn off a gap into the pocketbooks of our many susceptible residents.
Even though the council speaks, Jefferson City continues to ignore sky-high interest levels, figuring that talk is much more palatable than action.
Although municipal conversations about lending options truly have value (and we also have motivated initiatives that are such yesteryear, such as the rescue loan system produced by University Heights Baptist Church), they’re not sufficient to get rid of our city’s fiscal hemorrhaging. Continue reading “Let me make it clear about whenever will Springfield address lending that is payday?”