We commend the Springfield City Council for starting a conversation that is serious 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 is certainly not sufficient.
Springfield happens to be speaking about payday lending for over 10 years, yet absolutely nothing changed. Again and again, talk will not be accompanied by action.
A bunch from Faith Voices of Southwest Missouri together with the indegent’s Campaign protest pay day loans outside Historic City Hall before a town council meeting on April 22, 2019 monday. (Picture: Nathan Papes/News-Leader)
Yet again, Springfield has neglected to work.
While starting a promising discussion on payday advances, the town Council recently voted to table three bills designed to rein in this predatory company.
This can be many regrettable.
But well-intentioned, talk without action dangers permitting the industry off scot-free.
As the council speaks, cash advance shops continues to harm borrowers and also the neighborhood economy.
The industry will continue to burn a hole in the pocketbooks of our most vulnerable citizens while the council talks.
As the council speaks, Jefferson City will continue to ignore sky-high interest levels, figuring that talk is more palatable than action.
Although municipal conversations about lending options definitely have actually value (and then we have actually motivated such initiatives in the last, such as the rescue loan system developed by University Heights Baptist Church), they’re not sufficient to stop our cityвЂ™s fiscal hemorrhaging. Continue reading