Today, we hosted an extraordinary band of spiritual leaders from about the united states in the White home to go over the necessity for more powerful consumer defenses, especially in the lending that is payday short-term customer loan markets. These leaders represent a diverse assortment of faith traditions вЂ“ from Southern Baptists to Reform Judaism вЂ“ and several traveled right right right here from all over the united states. But irrespective of where they originated from or their faith that is particular tradition they share a standard objective of accomplishing right by the communities they provide.
We heard through the team by what these are typically seeing within their communities, including particular heart-wrenching stories of people in their congregations whoever life have now been devastated by usurious loans. We heard their tips for action to deal with the abuses in payday financing which are visiting difficulty upon their communities.
just just What emerged ended up being a typical, effective theme: in an endless cycle of debt that we have a moral obligation as a country to do something to stop payday lenders from preying on consumers by trapping them.
These leaders reflected the views of these communities. For instance, a survey that is recent that 77 per cent of American Christians and 85 % of Evangelical Christians think predatory financing is sinful.