SVDP – Payday Loans Don’t Pay Off For Poor

Apr. 18, 2007 12:00 AM Arizona’s working poor all too often turn to payday loans for emergency cash and end up trapped in the cycle of debt.

Members of the Society of St. Vincent de Paul have been among those speaking out for meaningful consumer protection for payday-loan borrowers. We continue to advocate for reduced interest rates and a mechanism that will prevent a borrower from having more than one of these loans out at a time.

We cannot support the payday loan bill currently being considered by the Arizona Legislature because it does not include meaningful reforms. Other states have successfully addressed the balance that needs to be in place between desperate borrowers and lenders in this industry. Arizona can do better. – Stephen J. Jenkins,Phoenix
The writer is president of the Phoenix Diocesan Council Board, Society of St. Vincent de Paul.