As part of this effort, I have also become an advocate for eliminating predatory lending in Rhode Island. I believe payday lending has no place in a state trying to grow. This is an industry that preys on a persons inability to make good on their loan.
Often I say, we need to come together to attack this problem in two distinct ways.
Pass a legislative solution to get rid of the loophole. We arent quite there yet, but I am committed to pushing for change this coming legislation session.
Create safe alternatives to these predatory products. In addition to legislative action, we can do better. Recently, we took action. The Capital Good Fund and the United Way of Rhode Island have created a safe lending option in Woonsocket one that is interested in keeping people out of debt, not pushing them into it for financial gain.
This alternative to payday lending is helping people manage their debt and is a safe option providing people with access to fair, low-cost financial products. For more information on this alternative, visit http://www.uwri.org/.
Growing up in Smithfield, I learned from my mom the importance of saving, staying out of debt, and making smart decisions, but todays world is much more complicated. Far too many of our neighbors face challenges that might have been avoided through a greater understanding of personal finance.
Providing Rhode Islanders with access to fair, low cost financial products is critical to our states overall economic recovery.
By helping one person at a time, we are coming together to move our state forward.
Gina M. Raimondo
Rhode Island General Treasurer