Kansas City, Mo. вЂ” Surrounded by clergy, community organizers and multi-colored indications declaring “Stop your debt trap,” Elliott Clark asked those collected at Barney Allis Plaza right right here: “that is beside me?”
The parishioner of St. Therese the small Flower Church in Kansas City had simply completed sharing their experience with a $2,500 pay day loan that ballooned to a lot more than $50,000 over 5 years, providing an impassioned plea for reforms for the industry.
After the audience responded cheers, Clark to his question included, “Then letвЂ™s tell the individuals what’s happening.”
The “Stop your debt Trap” rally preceded a industry hearing Thursday held by the customer Financial Protection Bureau, a completely independent federal watchdog agency, on its new proposed guidelines aimed at regulating predatory payday financing. Continue reading