Predatory Lending, Loan Sharks, - VICTORY!

12/12/08
I am happy to announce that City Council agreed with my request to keep the Enoch Davis utility payment window open for the thousands of customers each month who use it. Additionally, administration yesterday announced that they
were getting out of the contract with Amscot Financial to charge customers to pay their utility bills there. This is a double victory because it continues
a good service for the community and does not lead people in the doors of the
"legal loan sharks"!

12/5/08
This week citizens alerted me to the pending closure of the utility bill payment service at the Enoch Davis Center and the plan to promote citizens paying their utility bills at Amscot Financial. I thought this was a horrible idea and immediately requested City Council to move to stop and closure of the services at the Enoch Davis Center and end the dealings with legal loan sharks such as Amscot.

Payday lenders target those citizens who in a financial jam and offer VERY high interest rates on short term loans. This is exactly what is often called
predatory lending or what I call legal loan sharking. The typical payday borrower pays $793 for a $325 loan! See www.responsiblelending.org for additional details.

City Council has scheduled workshop on Dec. 16th at 3:00 PM to discuss stopping this relationship with Amscot. I am hopeful that the Council will
stand up to the loan sharks.

M