Indiana state lawmakers talk about payday loans


COULD EARN A CASH REWARD. *NIN*) STATE LAWMAKERS ARE TALKING ABOUT CREATING MORE OPTIONS FOR PAYDAY-TYPE LOANS. IT’S JUST ONE OF SEVERAL TOPICS DURING THE SUMMER STUDY COMIITTEES. STATEHOUSE BUREAU CHIEF DAVID WILLIAMS IS HERE TO EXPLAIN THE IDEA. *DAVI*) THE U-S CONSUMER FINANCIAL PROTECTION BUREAU SAYS PAYDAY LOANS ARE MEANT TO BE SHORT-TERM DEBTS. BUT MOST PEOPLE CAN’T AFFORD TO PAY BACK ALL THE MONEY THEY OWE BY THEIR NEXT PAYCHECK. INDIANA LAWMAKERS TALKED ABOUT ANOTHER OPTION OR IDEA. GETTING A PAYDAY LOAN FROM YOUR EMPLOYER. *REPORTIN*) LIKE MANY AMERICANS, SINGLE MOTHER, VICTORIA WHITTAKER TOOK OUT A PAYDAY LOAN A FEW YEARS AGO. ((VICTORIA WHITTAKER/ MOTHER 7:34:44 “I REALLY DIDN’T WANT TO DO IT, BUT IT’S LIKE EITHER THAT OR GET EVERYTHING CUT OFF. KIND OF WAS LIKE A NEED, YEAH.”:)) STATE LAWMAKERS UNDERSTAND THAT FINANCIAL NEED AMONG SOME HOOSIERS. ((STATE SEN. GREG WALKER/(R) 7:01:07 “IN FACT, JUST OVER HALF OF HOOSIERS IN THE STATE OF INDIANA BORROW 12 OR MORE TIMES ANNUALLY USING A PAYDAY LOAN PRODUCT. THEY ARE THEN SPENDING $15/$30 FOR EVERY $200 BORROWED, REPEATEDLY, OVER AND OVER.”:)) WHICH IS WHY THE FINANCIAL INSTITUTIONS AND INSURANCE SUMMER STUDY COMMITTEE TALKED ABOUT OTHER OPTIONS FOR BORROWERS….LIKE NON-PROFIT LENDERS OR PAYROLL ADVANCES THROUGH YOUR EMPLOYER. ((STATE SEN. GREG WALKER/(R) 7:03:17/ “I’VE ENGAGED IN CONVERSATION WITH THE INDIANA CHAMBER OF COMMERCE. THERE’S INTEREST AMONG EMPLOYERS TO BE ABLE TO DO PAYROLL ADVANCES WITH THEIR OWN EMPLOYEES TO CREATE A BETTER ENVIRONMENT OF TRUST.”:)) STATE SENATOR GREG WALKER SAID AN IDEA COULD BE TO USE SECURE PAYROLL DECUTION AND GIVE FINANCIAL LITERACY TRAINING ALONG WITH AN ADVANCE. IT’S A CONCEPT SPARKING CONVERSATION. ((STATE REP. CHRIS CHYUNG/ (D) DYER 7:9:26 “WHEN YOU’RE IN THIS POSITION OF DESPERATION AND NEED CASH SOON FOR WHATEVER REASON, WHETHERE IT’S A MEDICAL EMERGENCY OR YOUR CARE BREAKS DOWN, YOU CAN DEFINITELY GO TO YOUR EMPLOYER PROMPLY FIRST AND ASK THEM IF THEY COULD ADVANCE YOU YOUR PAY BEFORE TRYING OUT ONE OF THESE TRIPLE-DIGIT APR INTEREST RATE PRODUCTS.”:)) WHITTAKER’S LOAN DAYS ARE LONG GONE, BUT SHE LIKES THIS IDEA ((VICTORIA WHITTAKER/ MOTHER/ 7:36:34 “IT’S A CONVENIENCE. YOU’RE NOT PAYING THOSE HIGH INTEREST RATES. YOU’RE ACTUALLY WORKING IT OFF. AND THAT OLD SCHOOL SAYING ‘YOU CAN’T BORROW YOURSELF OUT OF DEBT.'”:)) *DAVI*) THAT SUMMER STUDY COMMITTEE HAS 3 MORE MEETINGS SCHEDULED FOR NEXT MONTH. IF YOU NEED FINANCIAL ASSISTANCE, WE’LL POST HELPFUL LINKS FOR YOU FROM THE STATE OF INDIANA. JUST HEAD TO WISH TV DOT COM AND CLICK THIS STORY.

Leave a Reply

Your email address will not be published. Required fields are marked *