An Organization of Hope
MOP is Building an Organization of Hope in Metro Denver
Many people are concerned about the rise in community isolation, lack of involvement in the democratic process, decline of trust among neighbors, and the decline in civic engagement in our society. The members and staff of Metro Organizations for People feel we have a critical contribution to make toward reversing these trends. In association with the PICO network we have developed, through our 25 year history, an organizing model that engages large numbers of church, school, and community members in work that builds community, develops new community leaders, creates hope, and teaches people ways to powerfully engage the civic and democratic process. Acting from a foundation of democratic Judeo-Christian values, we are building a regional community organization capable of impacting issues from the local neighborhood to city, regional and statewide arenas.
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Issue Focus
The phenomenon of payday lending simultaneously invokes feelings of disturbance and urgency in ethical citizenry. Payday loans are predatory lending products that trap borrowers in a cycle of debt, affecting single moms, those living on fixed incomes, working families living paycheck to paycheck, and soldiers. Loans are short-term (1 week to 1 month) made for a small amount of money (usually $300-$500), while fees charged on these loans range from $15-$30 for each $100 loaned, which translates to an average APR of over 390%. The average amount borrowed in Colorado in 2006 was $351 and the average amount paid with finance fees was over $540. 70% of all loans went to borrowers with 11 or more loans in the previous 12 months. The Department of Defense has called payday lending practices "predatory," and has capped payday lending to military personnel and their dependents at 36%. Many states have already taken action by banning payday lending altogether(Connecticut, Georgia, Maine, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, North Carolina, West Virgina, Vermont), whilst others have limited the number of loans a person may have out at any one time. It is time that Colorado takes action to ensure that the more vulnerable members of our society are not preyed upon.
The Reform Initiative Coalition, composed of MOP, The Bell Policy Center, The Center for Policy and Entrepreneurship, ACORN, the Colorado Progressive Coalition and 40 other organizations has laid out a plan for battling Payday Lending. We intend to spread the message that payday lending is a predatory practice aiming to snare borrowers into a debt trap. We believe that the only way to curtail lenders is to impose an annual interest cap of 36%. We are prepared to introduce legislation during the next session, while next steps may include a ballot initiative and local ordinances. Capping the interest rate at 36%, as the Department of Defense decided to do when they realized that debt impacted deployment, would save Colorado working families over $80,000,000 a year. The Reform Initiative Coalition is working with sponsors Representative Mark Farrandino and Senator Peter C. Groff on a bill to improve the payday lending industry in Colorado this session. On February 6th, The Reform Initiataive Coaltion will hold a press conference and media event for the release of a whitepaper on payday lending.
Here's the thing. We need your help! If you have been a victim of a Payday Lending debt snare, please contact us so that you can share your stories! If you have a story to tell, call MOP at 303.884.6591. To get involved in organizing, contact Kristee Paschall.
See our Payday Lending Chart
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