We commend the Springfield City Council for starting a conversation that is serious predatory lending. Such talk acknowledges the destruction pay day loans inflict upon our community. Ideally, this discussion will result in some action that is concrete for Springfield.
Yet, talk just isn’t sufficient.
Springfield happens to be referring to payday lending for over a ten years, yet absolutely absolutely nothing changed. Time upon time, talk is not accompanied by action.
Friends from Faith Voices of Southwest Missouri plus the the indegent’s Campaign protest pay day loans outside Historic City Hall before a town council conference 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 supposed to rein in this predatory company.
It is many regrettable.
Nonetheless well-intentioned, talk without action dangers permitting the industry off scot-free.
Even though the council speaks, pay day loan shops continues to harm borrowers in addition to economy that is local.
The industry will continue to burn a hole in the pocketbooks of our most vulnerable citizens while the council talks.
Even though the council speaks, Jefferson City continues to ignore interest that is sky-high, figuring that talk is much more palatable than action. (more…)