Faith Voices of Southwest Missouri

City of Springfield

A resolution passed by Springfield City Council asks the Consumer Financial Protection Bureau to address “potential deficiencies” in its proposed rule regarding pay day and car title loans.

Members of Southwest Missouri Faith Voices talked to council Monday night about the problems they say high interest loans cause people already living in poverty.

Michele Skalicky / KSMU

Faith Voices of Southwest Missouri organized the event to draw attention to people who have taken out pay day or title loans and who can’t get out of the cycle of debt.  They want the Missouri legislature to cap the interest rate on those types of loans at 36 percent.  According to Mark Struckhoff, executive director of Council of Churches of the Ozarks, the average rate in Missouri is 451 percent.

Jennifer Trogdon spoke at the rally—she knows firsthand how difficult it can be to get out from under a high interest loan.