Kansas City, Mo. вЂ” in the middle of clergy, community organizers and multi-colored indications declaring “Stop your debt trap,” Elliott Clark asked those gathered at Barney Allis Plaza right here: “that is beside me?”
The parishioner of St. Therese the small Flower Church in Kansas City had just completed sharing his experience with a $2,500 pay day loan that ballooned to significantly more than $50,000 over 5 years, providing an impassioned plea for reforms for the industry.
Following the audience replied their question with cheers, Clark included, “Then letвЂ™s tell the folks what’s happening.”
The “Stop your debt Trap” rally preceded a industry hearing Thursday held by the buyer Financial Protection Bureau, a completely independent federal watchdog agency, on its brand new proposed guidelines aimed at managing predatory lending that is payday.
Pay day loans are shot-term, small-cash (typically $500 or less) loans frequently due because of the payday that is next.… Read More...