Kansas City, Mo. — in the middle of clergy, community organizers and multi-colored signs declaring “Stop the debt trap,” Elliott Clark asked those gathered at Barney Allis Plaza right right right here: “that is beside me?”
The parishioner of St. Therese the small Flower Church in Kansas City had simply completed sharing a $2,500 payday loan to his experience that ballooned to significantly more than $50,000 over 5 years, providing an impassioned plea for reforms for the industry.
Following the audience replied cheers, Clark to his question added, “Then let’s inform the individuals what are you doing.”
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 payday financing.
Payday advances are shot-term, small-cash (typically $500 or less) loans frequently due because of the next payday. Continue reading “Without a doubt about Faith teams join push for national cash advance guidelines”