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Ferguson Report Cites Payday Lending as a vital Economic Barrier

Simpler to go without electricity, claims Cedric Jones, than simply simply take down an online payday loan to help keep the lights on. Jones is just one of the Ferguson, Missouri, residents quoted in Forward through Ferguson, the report that is just-released of payment appointed by Governor Jay Nixon to conduct a “thorough, wide-ranging and unflinching research regarding the social and economic climates that impede progress, equality and security when you look at the St. Louis area.”

In a document mainly focused on police force, the writers identify predatory financing as an important barrier to racial justice. (See pages 1, 49, 50, 56, 130 and 134 of this report.) “Low-income cash central households in Missouri with restricted use of credit often look for high-cost that is‘payday to undertake increas ed or unforeseen crisis expenses,” they write. Continue reading