TIME TO END THE PAYDAY SCAM
Here’s the problem. Rhode Island Payday loans carry 260% annual interest rates. Ours is the only state in New England that continues to allow this practice. What these loans are in fact are traps for the working people of our state, ensnaring them in a downward cycle of indebtedness, draining millions of dollars a year from individuals and, of course, our communities.
Let’s be frank about this. People used to go to hell for charging interest rates like this. Now, thanks to a fierce lobbying effort what should be criminal have become “normal” practices. At least here in Rhode Island.
But this need not continue. There are alternatives for people caught in dreadful financial circumstances.
It is past time to put a stop to this abusive practice.
Representative Frank Feri and others have introduced H.R. 7257. It reduces the annual interest rate from 260% to 36%, still usurious but at least beginning to get a handle on the problem. It is matched in the senate by S.B. 2307.
We’re calling on all concerned citizens to join in support of H. B. 7257 & S. B. 2307
Perhaps naturally, big money is opposing this. So, we need all citizens of good will to act on behalf of this critical reform. Please support this. And please spread the word! Contact your legislator and ask her or him to support these bills. Ask your friends and neighbors to contact their legislators in support of these bills.
To learn more or to add your name in support of this legislation, please write Margaux Morisseau or Uriah King of the Rhode Island Coalition for Payday Reform at [email protected] [email protected]
Thank you,
James
(The Rev’d) James Ishmael Ford
Senior Minister
First Unitarian Church of Providence
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