Monday, June 05, 2017 12:50 AM

BERZ: HIGH-INTEREST LOANS CAN HAMPER FINANCIAL INDEPENDENCE

Photo by Contributed Photo /Times Free Press. LEARN MORE What: Public hearing on high-interest lending practices and research from the Mayor's Council for Women When: Today at 5:30 p.m. Where: Family Justice Center 5705 Uptain Road We've heard it our entire lives, the old adage reminding us how important it is to "save for a rainy day." But it's impossible to imagine saving for any type of day - rainy, sunny, windy or otherwise - if you're just barely getting by. The struggles of poverty are real and, as you might imagine, disproportionately affect women and children. To have "financial independence" means to be able to at least provide the necessities for yourself and your family. That's a far cry from saving for the future, for retirement, for college, for a vacation or an emergency. But that's the reality facing so many in our community. In fact, 2015 Census data shows 15.9 percent of people in Hamilton County are living in poverty - that's more than two points above the national average. Often times, our most vulnerable citizens use payday lending to make ends meet. If you are familiar with the business model, then you know the traps, pitfalls and ...

News source: Times Free Press

See also: Carol Berz