Julian Bond
“This is hard-earned cash being siphoned out of the wallets of working people… This $4.2 billion is much-needed monthly benefits being squeezed out of the pocketbooks of retired and disabled folks.”
NAACP Chairman Julian Bond made this statement after consumer advocates published a report claiming that the payday loan industry made $4.2 billion in “excessive fees” last year…
The report, entitled “Financial Quicksand,” was released by the Center for Responsible Lending. It claims payday lenders in the United States made $4.2 billion in excessive fees during 2005. It also claims that the states which currently prohibit payday loans will save $1.4 billion in 2006.
Bond believes that the money made by payday lenders should help people escape poverty rather than keeping them on a debt treadmill:
“This $4.2 billion should be helping people stay firmly put in the middle class, rather than keeping them trapped in the quicksand of poverty.”
Horace Julian Bond has been Chairman of the NAACP (National Association for the Advancement of Colored People) since 1998. The NAACP fights against abusive lending practices.
Source: Legislature Should Get Rid of Payday Lenders (Arizona Daily Star Editorial)
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