Ashford Rallies Behind Payday Lending Reform
State
Representative Michael Ashford (D-Toledo) Last week joined a
rally held on the Statehouse steps by community and
religious leaders, citizens and other elected officials to
advocate for payday lending reform.
“Payday
lending loans are predatory and cast Ohioans into a spiral
of debt that is nearly impossible to climb out of,” said
Ashford. “We need better regulations to protect people from
being trapped by these loans’ high interest rates and hidden
fees.”
Earlier this
year, Reps. Ashford and Koehler (D-Springfield) introduced
House Bill 123, bipartisan legislation to modify laws
dealing with short-term loans. Recent polls of likely Ohio
voters show that 88 percent of Democrats, 75 percent of
Independents and 78 percent of Republics support payday loan
reform. Additionally, more than 90 percent of Ohioans
believe that payday installment loans, which often entail,
for instance, borrowing 400 dollars with a fee of 350
dollars, are unfair.
“People’s
support for payday lending reform sends a clear message to
our colleagues here in the legislature,” said Ashford. “Not
only is it our responsibility to deal with this problem, but
it is popular, it is needed and it’s easy as 1-2-3.”
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