An Emancipation Proclamation from Payday Lending
"Today and this year, as the nation celebrates, faith leaders and community activists nationwide proclaim a further emancipation from America’s bondage to the debt trap of payday lenders. An emancipation from usury and the naïve belief that any loan is a fair loan." Read the full statement.
Rev. DeForest Soaries:
"Payday loans are as sinister a presence in low-income communities today as the Jim Crow practices were in black communities in the mid twentieth century. I am as committed to protesting the allowance of predatory lending as my forebears were committed to fighting against segregation. If Dr. King were alive today, he would confront the predatory payday industry. We must do no less."
Faith Groups Confront Payday Lenders
Rev. Martin Luther King, Jr. on economic justice:
"The dignity of the individual will flourish when the decisions concerning his life are in his own hands, when he has the means to seek self-improvement."
More About Payday Lending
Payday lending carries annual interest rates over 300%. They create a cycle of debt that leads to unpaid bills, overdrafts, and even bankruptcy.
For additional information about the dangers and impacts of payday loans, visit:
Consumer Federation of America
Center for Responsible Lending
Coalition Against Payday Predators (San Jose, California)