March 22, 2007 - Issue 222
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Never ending Loans... By The Reverend D. D. Prather Guest Commentator |
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As the Georgia state general assembly prepare to consider once again payday lending, there are some serious ethical and moral questions raised within the context of the industry at large and our state elected officials. In 2004, the same Georgia State legislature sent a clear and concise message to this most predatory industry that in short they were not welcomed in Georgia. These cash advance businesses with interest rates beyond belief make themselves comfortable in poor and minority communities of the citizens they victimize. Continuously, there are stories of consumers who have been harassed and taken advantage of by roll-overs and interest rates that are beyond thought. They result in what really becomes a systemic creation of never ending loans. The fact of the matter remains that such establishments prey upon communities
that primarily consist of African Americans, other minorities and poor
people. It does not take a rocket scientist to see and understand that
they are nothing more than modern day loan sharks. The moral issue is
that they thrive by taking advantage of societies most vulnerable and
disadvantaged citizens. Ironically, a 2003 report compiled by Stephens
Inc, for the payday loan industry, indicated that the typical payday
loan customer is a “single mother with at least one child who
rents her home.” The same report went on to conclude that these
consumers are financially distressed and typically live from pay day
to payday. It is very clear to me that these establishments provide
no service, but are legalized theft schemes that cripple rather than
help. The Reverend D. D. Prather, is a noted Civil/Social Justice Activist,
and a native of
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