In some states, a debate over payday lending unfolds in the black church!!

This is a doggone shame and should be spoke out against by all Christians! Proverbs 22:7 The rich rules over the poor, And the borrower becomes the lender's slave. Used to be that neighbors and churches would come to the aid of those who "came up a little short." These pastors might want to think about revisiting that option rather than advocating for loan sharks who may never let go if they once get their teeth into someone.



Black churches have become an unexpected battleground in the national debate over the future of payday lending. The Trump administration is reviewing a federal rule that threatens to cripple the industry, while payday lenders find themselves enmeshed in battles in multiple states over their business. 

The debate often pits clergy against one another. Payday proponents in the church say the industry provides an important service after years of national banks pulling back from offering loans in regions with large minority or poor populations and black-owned banks all but disappearing. 

https://www.washingtonpost.com/business/economy/in-some-states-a-debate-over-payday-lending-unfolds-in-the-black-church/2018/06/06/5540c69c-52c5-11e8-abd8-265bd07a9859_story.html?utm_term=.be039261e093

Comments

  1. And while they are seeking to get rid of these loan sharks, seek to get rid of the liquor stores and strip clubs as well!

    ReplyDelete
  2. If a Pastor can't afford $200 - $300 for "personal" church use, maybe he shouldn't attend to any events costing such small amount.

    ReplyDelete
  3. The problem is NOT pastor debating whether to obtain money from PAY DAY LOAN Institution. The Big problem is political, the lobbyists for pay day donating huge sums of money to would be politicians for favors to keep their businesses running. I advise all to watch the movie Casino Jack, starring Kevin Spacey.

    We sometimes want to look at the speck with anything Christian, while Satan has a beam we fail to want to see.

    ReplyDelete
  4. A better solution is to teach budgeting and finance classes in the church. It's called Stewardship in the Bible. Payday loans seldom solve the problem of the borrower but instead drive them into a vicious cycle of debt.

    ReplyDelete

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