Texas Religious Leaders Want Tighter Regs On Payday Loans
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Texas religious leaders want tighter regs on payday loans
The state’s religious leaders gathered in Austin last week on behalf of poverty and debt-laden Texans, rallying against lenders who operate as “credit service agencies,” and because of a legislative loophole, charge outrageous interest on payday and auto-title loans.
Financial outreach to low-income families by churches is often used to offset these payments rather than provide basic needs. Catholic Charities across Texas paid over $1 million to help clients trapped in payday loans last year, according to Austin Bishop Joe Vásquez.
One of those things that nearly all major religions seem to share is a sense of caring for the poor, the defenseless and the marginalized in society. The leaders, mostly Catholics, Baptists and mainline Protestants, called the credit service organizations “immoral,” “unethical” and “in direct contradiction of the religious values that most Texans hold.”
Texas Baptists reported that Charlie Singleton, director of its African American ministries, said the way payday lenders prey on the vulnerable in society, including the poor, minorities, the elderly and the military, “is analogous and tantamount to financial slavery.” The loans these lenders offer take advantage of people in their time of need, trapping them financial constraints many of them cannot escape.
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