One broken ankle became a couple of PayDay loans, $50,000 in interest, and a foreclosed home.


[determined music]♪ ♪– Now, if you notice,
these are the conquistadors and these are the Incas. My other chess sets
are put up in the attic, and my wife keeps them
locked up up there. The American dream, to me,
is having some form of wealth that you can pass on
to your children, whether it be your home
or your cars or something
that you can leave to themso that they
don’t have to suffer
and go through
the same changes you did
to get to where you are.And that’s Talika, the baby.
She’s down in Houston. I love–I started learning
how to play chess when I was in the Marine Corps.It gave me something to do
on those long hours.
Getting wounded in Vietnam
was not a great thing,
but shedding blood
for my country is, I guess.Today was our Harvesters’
delivery date.
Harvesters delivers foodso that we can help feed
some of the hungry people in our neighborhoods
and in our community.You know, sometimes
they’re in a situation
where they can’t pay their
bills and buy groceries too.
I found out that
a lot of the clients we have are also on payday loans.I lived over
on 56 and Highland.
We had bought the house,
been there quite a while. My wife fell and
broke her ankle in the backyard,and she had to have two pins
and a plate put in there.
She was working for JCPenney’s
at the time,
and she was three days shy
of getting her full benefits.
You’d think that they
would have given her a break,
but they didn’t.So, she was off of work
for six to eight months.
During that time frame,
all of the bills fell on me.
I had to pay everything–
lights, gas, water– plus I had one daughter
in college; the other
was still in high school. I’ve got a $25,000 hospital
bill, and I’m sorry,I just didn’t have enough moneyat the end of the month
to pay everybody.
The only choice I had,
I went to the bank,
I asked them to borrow money
to help me out, right?They told me, no,
I didn’t qualify.
For most of my life, I’ve lived
in an area that was red-lined.
And that’s where the banks
have a specific area
where they will not loan money
to anybody in that area. Bottom line.So, I went out and I got a
payday loan, and I said,
“Well, okay, if I can get
this little bit of money
“to help me pay these few
bills, and that way, at least,
it’ll take me over to the next
payday and keep going.”
Well, that doesn’t help,
anyway. Then you got the bank–
I mean, the hospital saying“We need our money now, this–we’re gonna
have to take you to court,”
and all these threats.And it seems like
no matter what I did, I–
you know, I take one step
forward and two steps back.Payday loans are not designed
to help you,
and so I wound up eventually
having five payday loans,
each one for $500 each.And paying the interest
and paying them down
over the course of
five and a half years, I paid them
well over $55,000 in interest.The American dream exists,but only if
you’re in the top 1%, because most of your working-
class people are struggling,trying to make it
to the American dream.
It’s attainable
if you have good credit.If you don’t have any emergency
situations that are gonna
take away everything you got.Most people live one emergency
away from the poorhouse. That’s most middle-class
people.People don’t realize
how hard it is to struggle
to make sure you have money
to pay your light bill,
to pay your gas bill.But when you put a person
in a no-win situation,what do you got left over?What are our people
down in Jefferson City doing,
sitting on their laurels
saying,
“Oh, oh,
it’s gonna be all right.”
No, it’s not gonna be
all right.
We need laws that are gonna
protect the poor people, the people that work every day,that are doing
most of the living,
buying, and dying
in this country.
Okay, we’re looking at
over 800,000 payday loan shops and only 500-something
McDonald’s and Starbucksin the state of Missouri.Now, tell me
that’s not running rampant.
And our state senators,
our state congressmen,
they’re not looking at that. And they forget the people
that put them in office,what they were
put in office to do.
You know, the legal interest,thanks to our congressmen
down in Jefferson City,
is 1900% on a payday loan. Now, how–but they voted that in
just a couple of years ago. How much sense does that make? None.– Some of that–but if
we have some strong ideas,
I think it’s worth making some
suggestions.
And then Elliot’s
been working on his story– – We’re here in D.C. today to meet with Director Cordrayof the Consumer Financial
Protection Bureau,
and we’re here to meet with himso that we can find out
how we can strengthen the rules that the CFPB have already
put into place.A lot of the issues
that are facing my community,
I mean, there’s so many,
but the main thing is that– you know, poverty. People are so stuck
in this payday loan debt trap.That’s destroying them,
losing their homes.
I know, ’cause I did.I lost my home, my car,
and I almost lost my marriage because of the financial
difficulties.Thanks to the grace
of the good Lord,
my disability
finally came through.
I got a lump sum of money,I paid off
the payday loan people,
and I’ve never looked back.CCO is a group
that have come together
to try and make a difference
in the community,
to try and tell people
that you can do–
you can achieve more
by standing together
than you can do
by standing by yourself. Because there’s so many
disenfranchised individualsthat feel that
they’ve been left behind,
that they have no place else
to turn to,
no one to turn to,no one wants to hear
their problems.
And I wasn’t too sure about it
at the time, but, like I said, I’m not– didn’t really want to
let people in to letting them know who I was and what mistakes I had made,
and I that’s what I felt like, I was letting people know that I’d made a mistake
in my life.If you really want to know
if I have–
all Americans have
opportunities to succeed,
no, they don’t.The United States, true enough, is supposed to be built on
equality, but the way things are,
all you got to do is just look out the front door,
look at the way things are,and you’ll see
that they’re not.
But I want to
tell people now that,
“Hey,
your voice has to be heard,
“because if you don’t
say something,
“then you’ll always
suffer in silence
and there’s too many people
here to help you.”
Don’t give up.Keep your head up.That’s it.– [laughs] I know, it makes me feel great.– What dreams do you chase?Share your dream at
ReDreamProject.org.
[determined music]♪ ♪Re:Dream is presented throughthe generous support
of ThinkShift,
an initiative
of the DeBruce Foundation.

38 comments on “One broken ankle became a couple of PayDay loans, $50,000 in interest, and a foreclosed home.”

  1. Karl Hoewt says:

    They might as well be selling crack or heroin

  2. Thomas Pierce jr says:

    It's not the governments job to keep people from making poor decisions with money or any other individual choose for that matter

  3. David Vasquez says:

    I like the video but we need to learn to save for emergencies and make sure we have good credit. I didn't believe in credit and paid cash for everything but I learned I was wrong and now my credit is over 730 just incase i need it. My yearly income is lower then I would like in the low 40s but I always save 10% and stay away from payday loans

  4. rthelionheart says:

    He should've hit a local casino to strike it rich. Done, problem solved lol.

  5. LilannB says:

    How can $2500 turn into $50,000? How can that rate of interest be legal? I suspect even the local loan shark will give a better deal.

  6. Sharon Coolidge says:

    I am writing this Testimony because am really grateful for what BARRY MORE did for me and my family, when I thought there was no hope he came and make my family feel alive again by lending us loan at a very low interest rate of 3%. Well I have been searching for a loan to settle my debts for the past three months all I met scammed and took my money until I finally met a God sent Lender. I never thought that there are still genuine loan lenders on the internet but to my greatest surprise i got my loan without wasting much time so if you are out there looking for a loan of any amount i would advise you to email Mr Barry via: { [email protected]} or call (234)8133347729 and be free of internet scams. thanks… Kathie Roper from California, USA.

  7. robert james says:

    Do you need an urgent loan?? if yes contact Mr robert james for your loan today at [email protected]

  8. robert james says:

    Do you need an urgent loan?? if yes contact Mr robert james for your loan today at [email protected]

  9. Venna Milano says:

    why didn’t she get disability? hmmmm..

  10. Zachary Boyd says:

    No sept 2017

  11. Kefka says:

    Every 1st world country on Earth has socialized medicine except for you red neck cousin fucking Americans.
    If this guy had lived ANYWHERE else on earth he wouldn't if been in this situation
    America sucks ass.

  12. Bris Vegas says:

    Sorry to poop on the party folks but the American dream was invented by banks as a method of selling debt to people so they could get rich…the American dream was the bankers dream in disguise 🙂

  13. Chris Lemaster says:

    Get the money and File Bankruptcy on these litchis and blood suckers  JUST DECLARE BANKRUPTCY

  14. Tim Bade says:

    Wish I could walk around with a Bluetooth in my ear

  15. Nomadic Crier says:

    Teaching poor people about being financially responsible, having self control and how to budget and save is waaaaayyyyyyyy better than "going after" the payday loan industry. Poor/middle class people spend more money on stupid/self indulgent nonsense than wealthy people. The poor/middle class is their own worst enemy.

  16. Marilyn Winn says:

    Well I found free $6314a money making system that is really working for me>>>getpplcash.win/?odTyq9 Woow amazing….thanks.

  17. LuvLiWords says:

    Payday loans prey on the most financial vulnerable people in America. They are designed to decimate us. I would love to invite Dream Project leaders and community members to rebuild their finances and their credit with us at Z Black Card Money. It's a true Game-Changer. Join us on Facebook: Z Black Card Money to learn more.

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  18. Controversial Christian says:

    American government at least capped the interest on these kinds of loans, as did every other country in Western Europe, except the UK. The present government has allowed pay day loan companies to charge 4000% on loans like these, and on numbers of occasions loans of a few hundred pound have spiralled into several thousands, causing some people to commit suicide or at least driven into despair and hopelessness.

  19. henerymag says:

    Well it's fun to attack Canadian healthcare, but a broken ankle wouldn't cost you a dime here.

  20. Skid Mark says:

    All I see is a lot of stupid tax payments… poor people blaming society, the 1%, the banks… etc… obviously they were living beyond their means. Grow up and take responsibility for your actions.

  21. motorman1017 says:

    u should have told the hospital they gotta wait or apply for emergency aid they all get it

  22. mike will says:

    medical emergencies will cost you zero dollars in Canada

  23. Darwin Quezada says:

    Another reason why I believe in having several credit cards on standby for emergencies if I'm unable to save up for the so-called emergency fund everyone talks about. I have credit cards with at least 6 or 7 national banks and maintain a credit score of 680 – 720. If this situation were to happen to my wife, I would use my credit cards to pay for food, gas for my car and certain bills; don't have the cash to pay for my mortgage? Discover, Bank of America and CitiBank sent me promotional offers on several existing cards where I can take out loans against my credit line at 0% APR for 12 months by paying a 3% transaction fee, where the funds are sent directly to my checking account. And no, this is not a cash advance, they are promo offers! What if banks don't send you these types of excellent promotional offers? Well, still use your credit cards because paying a 17% – 23% interest on your balance is much better than paying payday lenders at a rate of 200% – 400%, right?

  24. Jason Matthews says:

    Every single state these disgusting bottom-feeders operate in have anti-usury laws on the books. Every state that allows them to operate crafted legislation specifically designed to bypass those laws. Imagine how they would scream about the unfairness of the situation if we pulled that rug out from them tomorrow, forced them to only be allowed to loan at the same non-usury rates that regular lenders are tied to? I hate these people. They're worse than the Federal Reserve.

  25. Lionel Mcmullen says:

    this just ads a nother reason for me not too have children or get married everything falls on the man and that's just not fair I would rather live by myself and have just a enough too make it then have nothing at all happy life no kids no wife mgtow forever forever mgtow I pledge my allegiance too the brotherhood one nation under mgtow🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸

  26. Palidor19 says:

    It’s about to get worse because Trump rolled back the Obama regulation

  27. George Washington says:

    DONALD TRUMP. I LIVE PAY CHECK TO PAY CHECK. I AM BEING EXPLOITED BY PREDATORY LENDERS.

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  31. Scorpion777 Silvermoon says:

    Redlinning is real.. OMG… informative video

  32. N B says:

    This is just tragic. The American Dream is a lie.

  33. Star Light says:

    Don't shop at JC Penny !

  34. Texas Gun says:

    i feel sorry for this gentleman but on a side note i should start a payday loan compary. 20,000 off of 2,000 what a hustle

  35. Tina's baby says:

    I've always been savvy about money but I lucked into having insurance when I needed it. I can't imagine a simple medical issue affecting me like this. My $65,000 surgery would have devastated my savings…I only paid $200 out of pocket.

  36. big spoon says:

    Universal Health Care / Medicare For All! So you won't loose everything because you broke your ankle.

  37. DozensOfViewers says:

    There are always better options than payday loans. Sell your stuff. Sell your car. Get on a payment plan with the hospital — you’ll get far better terms that a payday lender.

  38. Schawnetta Robinson says:

    Sad…

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