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CLEVELAND, OH (Catholic Universe Bulletin) - The Catholic Conference of Ohio has joined the state’s religious leaders in a campaign for payday lending reform. Speaking at a February 26 Ohio Coalition Responsible Lending news conference, six religious leaders urged Ohio voters to support House Bill 333 and to let their representatives know the bill should be enacted. The proposed bill would cap what the group called the “exorbitant” 391 percent interest rate typically charged to some of the 300,000 Ohioans by the payday lending industry each year. The association works with hundreds of Greater Clevelanders daily to address what she called the payday lending “debt trap” as well as predatory lending practices. Two other payday lending reform bills are up for consideration, explained Tom Allio, director of the Cleveland Diocesan Social Action Office and chair of the Ohio Coalition for Responsible Lending. Coalition statistics for 2006 showed that nearly 64,000 people within the eight-county Cleveland Diocese were involved in payday loans. Find Out More

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