Faith teams join push for national pay day loan guidelines

Faith teams join push for national pay day loan guidelines

Kansas City, Mo. — 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 let’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.

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