Mississippi Catholic – Serving Catholics associated with the Diocese of Jackson Since 1954

By Maureen Smith JACKSON – Despite opposition from faith leaders and economic advocacy teams, Governor Phil Bryant finalized an expansion of alleged payday financing into legislation on Friday, might 15. The law that is new officially called the “Mississippi Credit Availability Act,” paves the way in which for short-term loan providers to charge just as much as 297 per cent interest on loans of $500 for six-months and permits for similar interest levels on 12-month loans of $2,500. Bishop Joseph Kopacz of Jackson and Bishop Roger Morin of Biloxi sent a joint page to the governor opposing the balance. “This bill operates counter to Catholic social training since well as biblical and legal traditions calling for restraint against usurious financing practices,” reads the page. It highlights why these loans trap those currently in need of assistance into a period of borrowing and debt that is mounting. Continue reading