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Catholics Call for Payday Loan Reform

Posted: Thursday, January 7th, 2010 at 5:52 am
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Photo Caption: Tom Chapman, the executive director of the Iowa Catholic Conference, joined legislative advocates of payday loan reform at a news conference at the Iowa Statehouse January 5. The organization, which represents Iowa’s Catholics, strongly urges the Legislature to limit the interest rate on payday loans to 36 percent.  Military families already enjoy this protection thanks to Congressional action in 2007. Pictured from left, State Senator Joe Bolkcom of Iowa City, Chapman, and State Representative Janet Petersen of Des Moines. (Photo Courtesy of Iowa SenatePhoto Caption: Tom Chapman, the executive director of the Iowa Catholic Conference, joined legislative advocates of payday loan reform at a news conference at the Iowa Statehouse January 5. The organization, which represents Iowa’s Catholics, strongly urges the Legislature to limit the interest rate on payday loans to 36 percent. Military families already enjoy this protection thanks to Congressional action in 2007. Pictured from left, State Senator Joe Bolkcom of Iowa City, Chapman, and State Representative Janet Petersen of Des Moines. (Photo Courtesy of Iowa Senate

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The Iowa Catholic Conference is calling for payday loan reform. They are urging the legislature to limit the interest rates to 36 percent. On average, Iowans who take out one payday loan, end up with twelve loans with interest rates approaching or exceeding 400 percent. Father Paul Appel with Saint James in Washington says it seems like it’s a justice issue and charging a fair interest rate is one thing, but charging above and beyond any kind of profit making is going beyond what people should be doing to make a living. He says they are making a profit off of someone else’s need.

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