We Can Do Better -- Rev. Soaries Fighting for Economic Justice in Michigan and Across the Country
Rev. DeForest Soaries (author, pastor, former NJ Secretary of State) addressed predatory payday lending in Grand Rapids, Michigan, April 14-16, 2012.
Since 2005, no state has authorized triple-digit interest rates for payday lending. The District of Columbia and six states - Arkansas, Arizona, New Hampshire, Ohio, Oregon and Montana -- have all enacted double-digit rate caps on these debt-trap loans.
In Michigan, the typical payday loan of $402 comes with an average interest rate of 390 percent. Michigan families pay more than $122.7 million in payday loan fees per year. At this conference, community organizations' calls for reform culminated in a peaceful demonstration outside a major payday lender's store.