Catholics leaders in US call for nationwide limit on payday loan interest

Catholics in the US are pushing for a national, bipartisan bill that would limit the interest rate on payday and car title loans.

“Payday lending is modern day usury. These short-term, high-interest loans prey on the financial hardship of poor and vulnerable consumers – all for the sake of big profits, which only come when consumers fail,” the Montana Catholic Conference said in a Feb. 12 statement.

“This practice directly contradicts our Catholic understanding that the role of the economy is to serve people, not the other way around.”

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