OKLAHOMA CITY (ABP) вЂ” Payday lending traps nearly all AmericaвЂ™s working poor in a vortex of financial obligation, individuals during the brand New Baptist Covenant II satellite conference in Oklahoma City discovered.
Each brand brand New Baptist Covenant center dedicated to a objective task, and Oklahoma City organizers decided on a comprehension campaign concerning the perils of payday financing.
вЂњPeople are preying upon the poorest and weakest in our midst,вЂќ noted Bruce Prescott, co-organizer associated with Oklahoma City satellite and executive manager of Mainstream Oklahoma Baptists.
Understood by different names, payday financing could be the practice of providing high-interest, short-term loans, frequently in quantities from $50 to $500, Prescott explained.
In Oklahoma City, brand brand New Baptist Covenant individuals sat in for a session that is informational payday financing. Then, for his or her objective task, they visited payday financing workplaces near their churches, so they really could see firsthand just just how tiny loans can truly add as much as excessive debts.
Prescott stated he hopes their experiences may help them teach the working bad in regards to the hazards of payday advances and additionally stress lawmakers to reign into the training. Read more