A push to reform payday loan companies by lawmakers


YOU CAN STAY ON TOP OF THE SEVERE WEATHER THREAT ALL WEEKEND LONG. JUST DOWNLOAD THE FREE CBS 42 NEWS APP. YOU’LL RECEIVE WARNINGS AS THEY COME IN. ALABAMA’S PAYDAY LENDING BUSINESS PRACTICES ARE BEING DESCRIBED AS TOXIC BY LAWMAKERS. A GROUP OF LEGISLATORS ANNOUNCING TODAY THEY WANT TO CHANGE PAYDAY LENDING POLICIES. STATE CAPITOL\REPORTER RESHAD HUDSON HAS DETAILS. RESHAD: MOST PEOPLE GO TO PAY DAY LOAN COMPANIES TO GET SHE OFTEN COMES SHORT FINANCIALLY. I’ve done payday loans in the past, it’s something that I won’t do again. It’s like a cycle A CIRCLE OF DEBT IS HOW IS LORA BOSWELL DESCRIES HER PAYDAY LOAD EXPERIENCE. Lora Boswell You go and you pay that part to keep it going so you can get that cash THURSDAY LAWMAKERS ANNOUNCING A BILL TO GIVE BORROWERS 30 DAYS TO PAY ON LOANS, INSTEAD OF 10 DAY. One hundred million people in the United State don’t even have this payday option, we’re not talking about eliminating it, we’re talking about making it more fai} REPUBLICAN REPRESENTATIVE DANNY GARRETT IS SPONSORING THE BI AND IT’S BACKED BY HIS DEMOCRATIC COLLEAGUES IN THE HOUSE. We need to do something about an industry that disproportionately impacts low income communities and communities of color. When these lenders sap our neighbors budgets and draw money from out local economies we all lose ACCORDING TO THIS MAP ALABAMA HAS ONE OF THE HIGHEST PAYDAY LOAN INTEREST RATES AT 456 PERCENT, FOLLOWED BY MISSISSIPPI. I SPOKE WITH A COUPLE OF PAYDAY LOAN COMPANIES WHO DECLINED AN ON CAMERA INTERVIEW, AND REFUSE TO COMMENT ON THE LEGISLATION, BUT THEY DID SAY THEY ARE HERE TO HELP PEOPLE WHO ARE IN

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