In America’s Payday Loan Capital, Innovative Microcredit Helps Break The Debt Cycle


How an innovative microcredit partnership is helping to break the cycle of debt by providing alternatives to predatory lending.
News Story (Mississippi)

Christina Wilkie
Huffington Post
June 20, 2015
Full story

Tags: Consumer Protection, Predatory Lending

Organizations mentioned/involved: Mississippi Center for Justice (MCJ)


DETAILS

So far, the New Roots Credit Partnership has signed up the cities of Jackson and Canton, as well as a school district in the Delta and a regional housing authority. “It’s a win-win-win,” said Charles Lee, director of consumer protection at the Mississippi Center for Justice, during an interview at the group’s Jackson headquarters.

“Participants get the loans they need, as well as financial literacy training; the bank gets new customers; and the employers cut down on the number of garnishments they have to process each month, while providing their workers with an important benefit.”