payday loans

From Texas Standard:

The Catholic Church, no stranger to controversy on a constellation of topics, has become rather pointed on one political matter – payday lending.  The Diocese of Fort Worth has now asked the city to strictly regulate the industry in the only major city in the state without any such regulations.

Bishop Michael Olson, head of the Diocese of Fort Worth, issued the call to action. He says that the Catholic charities in the city saw a pattern with the people they were assisting: many of them had fallen into a cycle of debt.

 


Last week, the Consumer Financial Protection Bureau proposed new rules on predatory lenders to stop pay-day and auto-title lending from becoming debt traps. While supportive, a number of consumer-advocate groups say the provisions don't go far enough. Some like the Pew Charitable Trust have called the new rules a "missed opportunity."

From Texas Standard:

The average American family will spend $900 this holiday season. If you are among the lucky 22 percent of Americans who will get a bonus this season – that's probably what you'll use. The majority of us in situations like these that require extra cash look for alternatives.

Perhaps you've seen commercials like this oneA camera zooms in and out shooting some pretty nice trucks and cars. Vehicle owners point to bumper stickers that reflect their personalities. The images in the commercial may vary but the message is the same: if you own your car, borrow money from us. Just let us keep your car title as security.

 


Flickr user Rambergmediaimages / cc

According to a study released Monday, San Antonio leads the nation in credit card debt. While the city's residents and others across the country purchase less on their credit cards, it is still catching many in a vicious cycle. 

Why is San Antonio running up such a bill? What resources exist in the community to help?

Guests:

The Pay Day Lending industry has been successful in avoiding regulation in Texas at the state level but 22 cities have passed ordinances that try to cap the fees and roll overs for the loans.

A bipartisan effort has come together in Austin this session to try to corral payday and Auto title lenders with House Bill 3047.

At a press conference former House Speaker Tom Craddick expressed his dissatisfaction with the consumer lenders.

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