Avoid Payday Loans

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01 Mar

Donna Taylor Blog 0 0

During President Obama’s Administration he established the Consumer Financial Protection Bureau (CFPB), which was designed to protect the consumer. For instance, the Payday Loan industry typically charges 300% interest or higher for individuals borrowing from paycheck to paycheck. During the Obama Administration, there were gains to limit interest rates consumers would be charged.

Today, the Trump Administration has rolled back the advances made to protect the consumer. The CFPB has dropped actions against payday lenders who were caught charging up to 1000% interest. It is a tragedy that the most financially vulnerable among us can least afford to repay these high interest loans.

The public needs to be warned that payday lenders are operating with few boundaries. For many, payday loans a debt traps that few can emerge unscathed. For more information: https://boingboing.net/2018/01/19/debt-traps.html/amp

About the Author

Written by Donna Taylor

Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.