People of the Kentucky Baptist Fellowship rallied Tuesday, Feb. 24, during the state capitol in Frankfort, following a Monday afternoon seminar from the вЂњdebt trapвЂќ developed by payday financing.
Speakers at a press meeting into the capitol rotunda included Chris Sanders, interim coordinator associated with the KBF, moderator Bob Fox and Scarlette Jasper, used by the nationwide CBF worldwide missions division with Together for Hope, the Fellowship’s rural poverty effort.
Stephen Reeves, connect coordinator of partnerships and advocacy during the Decatur, Ga.,-based CBF, stated Cooperative Baptists around the world opposing abuses associated with the cash advance industry are not anti-business, but, вЂњif your organization depends upon usury, depends upon a trap вЂ” if this will depend on exploiting your next-door neighbors appropriate when they’re at their many desperate and vulnerable вЂ” then it is time to find a unique enterprize model.вЂќ
The KBF delegation, section of a group that is broad-based the Kentucky Coalition for Responsible Lending, voiced support for Senate Bill 32, sponsored by Republican Sen. Alice Forgy Kerr, which will cap the annual rate of interest on payday advances at 36 per cent. More