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 result in some action that is concrete for Springfield.
Yet, talk is certainly not sufficient.
Springfield happens to be referring to payday lending for more than 10 years, yet nothing changed. Time upon time, talk will not be followed closely by action.
An organization from Faith Voices of Southwest Missouri while the the indegent’s Campaign protest payday advances outside Historic City Hall before a town council conference on Monday, April 22, 2019. (Picture: Nathan Papes/News-Leader)
Yet again, Springfield has neglected to work.
While starting a promising discussion on payday advances, the town Council recently voted to table three bills designed to rein this predatory business in.
That is many regrettable.
Nonetheless well-intentioned, talk without action dangers permitting the industry off scot-free.
Whilst the council speaks, cash advance shops continues to harm borrowers as well as the economy that is local.
As the council speaks, the industry continues to burn off a gap within the pocketbooks of your many susceptible residents.
As the council speaks, Jefferson City continues to ignore interest that is sky-high, figuring that talk is more palatable than action.
Although municipal conversations about lending options definitely have value (and now we have actually motivated initiatives that are such the last, like the rescue loan system developed by University Heights Baptist Church), they may not be adequate to quit our townвЂ™s fiscal hemorrhaging.