Cleveland Mayor & Area Officials Lending Support to Issue 5
Cleveland Mayor Frank Jackson, Cleveland City Councilman Joe Cimperman and Parma Heights Mayor Martin Zanotti joined Policy Matters at Cleveland City Hall to voice their support for passage of Ohio Issue 5. The report entitled "Wise Counsel: Credit Counselors Cite Perils of Payday Lending," suggests that credit counselors would never recommend payday loans to their clients.
You can watch video from the Press Conference here: http://www.youtube.com/watch?v=pwLIC_4CcLc
The Chairman of the Ohio Coalition for Responsible Lending had this to say about the Policy Matters report:
"Payday lenders trap 300,000 Ohioans each year who find they must borrow again and again to pay off previous loans," said Tom Allio, director of social action for the Cleveland Diocese. "The average borrower takes out 12-13 loans per year and ends up getting trapped in a cycle of debt. The Policy Matters report offers an important perspective from experts who counsel these borrowers and help families to get a financial foothold."
The author of the report, Dave Rothstein, said this: "Credit counselors confirm the dangers of the traditional payday loan product. There is no question that the high interest rates and short pay-back period of this product keep families in a cycle of debt."
Read the report:
http://www.policymattersohio.org/pdf/WiseCounsel2008.pdf
Read the Press Release from the YES on 5 Committee
Vote Yes on Issue 5!
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