Reform Payday Lending in Rhode Island

Reform Payday Lending in Rhode Island

In April 16 testimony prior to the home Finance Committee, AARPRI Advocacy Director Deanna Casey and volunteer Gerald McAvoy tell lawmakers that numerous caught within the period of payday advances are Rhode Island citizens that are senior. They represent, Casey included, “an evergrowing and significant share.” Payday lenders target Social protection, impairment and veterans benefits.

Watch Casey and McAvoy’s testimony starting at 17:30 within the video below, or perhaps you may view the whole hearing. Also, underneath the movie may be the written testimony AARPRI submitted into the committee.

Chairman Gallison and customers of the Committee:

I am Deanna Casey and I’m the Associate Director for Advocacy for AARP Rhode Island, representing a lot more than 130,000 people into the state. Many thanks for the chance to talk today. I wish to talk about with you support that is AARP’s enthusiastic home Bill H7285, An Act associated with Financial Institutions – Small Loan companies, which will restrict high-cost short-term financing, often called payday lending, that traps low earnings customers in a period of unaffordable financial obligation.

Payday lenders charge crazy interest rates and fees that are impose to really make it inescapable that the debtor is likely to be struggling to repay the mortgage. Continue reading “Reform Payday Lending in Rhode Island”