Search
-
March 2, 2018Ingrid Delgado, FCCB associate for social concerns/respect life
At a press conference organized by consumer advocates, Ingrid Delgado, FCCB associate for social concerns/respect life, spoke in opposition to bills that further the practice of usury among predatory lenders. Exploiting people who live in poverty is theft and usurious practices are the equivalent of indirect homicide. ( Catechism, nos. 2409 & 2269)
At times the working poor and those on fixed incomes have a need for immediate access to small amounts of capital. While there are alternatives such as credit unions, many people seek payday loans. The current payday lending product in Florida too often traps borrowers in cycles of debt often requiring additional loans with new fees and interest rates. On average, payday borrowers take out seven loans in a year.
HB 857 (Grant, J.) and SB 920 (Bradley) have passed all committees of reference and are being considered by their full chambers. These FCCB-opposed bills allow payday loans to be made at triple-digit rates when calculated on an annual basis, costing consumers more dollars in fees. A better alternative are bills filed by Senator Baxley and Representative Olszewski, which would cap these loans at more reasonable APR rates as has been done in other states.
Archbishop Thomas Wenski of Miami recently opined on the practice of unscrupulous lending in the Sun Sentinel.
TAKE ACTION: Protect vulnerable Floridians from the debt trap of payday loans - SB 920 in Senate
