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 trigger some concrete action actions for Springfield.
Yet, talk just isn’t sufficient.
Springfield is speaking about payday lending for more than a ten years, yet absolutely absolutely nothing changed. Time upon time, talk is not accompanied by action.
A bunch from Faith Voices of Southwest Missouri in addition to the indegent’s Campaign protest payday advances 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 pay day loans, the town Council recently voted to table three bills designed to rein in this predatory company.
It is many unfortunate.
But well-intentioned, talk without action dangers permitting the industry off scot-free.
As the council speaks, pay day loan shops continues to harm borrowers additionally the regional economy.
The industry will continue to burn a hole in the pocketbooks of our most vulnerable citizens while the council talks.
Whilst the council speaks, Jefferson City continues to ignore interest that is sky-high, figuring that talk is much more palatable than action.
Although municipal conversations about lending options truly have actually value (so we have motivated initiatives that are such yesteryear, such as the rescue loan program developed by University Heights Baptist Church), they’re not adequate to cease our townвЂ™s fiscal hemorrhaging. Talk should be associated with action.
The length of SpringfieldвЂ™s predatory lending issue?