AzAN's September Forum: "Ending legalized loan - sharking: an initiative to stop payday lending" With State Representative Steve Gallardo
Executive Director Linda Brown Introduces Alicia Russell from ACORN and Kathy Griffiths of the Southwest Center for Economic Integrity
Learn more about the Southwest Center for Economic Integrity and their work by clicking here
There are laws against loansharking, where desperate borrowers pay between 390 - 780 percent interest for short term loans, right? Wrong. Today, such loans are widely available at legal, shiny torefront establishments known as Pay-Day lenders. An ID and a checking account are all you need to borrow yourself into a cycle of debt that can lead quickly to financial ruin. Most Pay Day borrowers take out an average of eight to thirteen loans per year at a single lender. How did we get here and what can be done to fix this nightmare? Concerned citizens joined AzAN members at September's forum to hear from State Representative Steve Gallardo and Alicia Russell of ACORN as well as Kelly Griffiths of the Southwest Center for Economic Integrity.
Steve Gallardo speaks about his initiative to end payday lending at AzAN's September Forum
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