Log in

Alliance backs alternative to payday lending

johnson-soaries-500Robert L. Johnson, founder and chairman of The RLJ Companies, and Dr. DeForest B. Soaries Jr., senior pastor of the First Baptist Church of Lincoln Gardens in Somerset, N.J. have formed an alliance to reshape the national financial lending climate.

The collaboration is designed to help Americans, particularly minorities, pay down consumer debt, increase household savings, and overcome a cycle of short term and emergency borrowing caused by the "excessive use of payday lending."

Nearly twelve million Americans turn to payday loans annually when faced with financial challenges in order to cover emergency expenses and meet cash shortfalls. Forty-one percent of borrowers have needed a cash infusion to pay off a payday loan and many ultimately turn to the same options they could have used instead of payday loans to finally pay off the loan.

As a result and because of current high interest lending rates, many borrowers are unable to pay back loans in a timely manner and find themselves in a cycle of borrowing and debt, according to Payday Lending in America: How Borrowers Choose and Repay Payday Loans, published in February 2013.

Johnson announced earlier this year his financial awareness campaign to "end payday lending as we know it today." He has designated Dr. Soaries and his dfree® program as the financial literacy arm to "change the lending climate and help minority consumers overcome recurring debt and achieve financial stability."

According to a release about the new alliance, the game plan includes "encouraging lending institutions to create lower interest borrowing solutions and making consumers more aware of the financial options available to them prior to going into debt." The collaboration is expected to yield tools and resources consumers need to make better and more informed financial decisions.

Founded by Dr. Soaries in 2005, dfree® (www.mydfree.org) creates solutions for individuals and organizations pursuing financial freedom and economic self-sufficiency. The dfree® strategy begins with the elimination of debt and addresses the root causes of chronic indebtedness.

Organizers say the "Debt, Delinquency and Deficit Free" program – dfree® – has reached thousands of consumers nationwide. It challenges to take control of their finances by setting debt reduction goals, paying off debt, increasing awareness and changing behavior as it relates to money and borrowing.

Dr. Soaries, said Johnson, "will bring about a significant change and provide valuable information on improving the lives of millions of working class Americans, particularly minority Americans."

Thrilled to be teamed with Johnson in what he called "our mission," Dr. Soaries said, Providing individuals and families with the tools to address financial needs on a consistent basis, helps them to better manage their finances and achieve financial freedom."


0 #20 payday loans 2014-07-31 21:48
hello!,I really like your writing so so much! percentage we be in contact extra about your article
on AOL? I need a specialist on this area to unravel my problem.
May be that is you! Looking forward to look you.

Take a look at my page - payday loans: http://bestsatnav.org
0 #19 payday loans online 2014-07-31 19:15
wonderful post, very informative. I wonder why the opposite experts of this sector don't
realize this. You should proceed your writing.
I am confident, you have a huge readers' base already!
0 #18 cash advance 2014-07-31 16:14
Excellent beat ! I would like to apprentice even as you amend your website,
how could i subscribe for a weblog site? The account helped me a acceptable deal.
I were a little bit familiar of this your broadcast
offered brilliant transparent idea

Here is my homepage :: cash advance: http://clipperscurse.com
0 #17 generic viagra 2014-07-31 15:23
What's up everyone, it's my first pay a visit at this website, and
piece of writing is in fact fruitful for me, keep up posting these types of content.

Take a look at my web page; generic
viagra: http://realhousewivesofbuckscounty.com
0 #16 payday loans 2014-07-28 13:59
This paragraph is in fact a good one it
assists new the web people, who are wishing in favor of blogging.
0 #15 cash advance online 2014-07-25 22:03
This is my first time visit at here and i am really impressed to read all at one place.
0 #14 cash advance 2014-07-25 02:04
It's impressive that you are getting ideas from
this article as well as from our argument made here.
0 #13 payday loans 2014-07-21 11:26
fantastic points altogether, you just received a
new reader. What would you recommend in regards to your
publish that you made a few days in the past? Any certain?

My weblog ... payday loans: http://bestsatnav.org
0 #12 cash advance online 2014-07-20 22:03
I do not even understand how I finished up here, however I assumed this publish was good.
I don't realize who you are however certainly you are going to a famous blogger in the event you aren't already.

Also visit my web page - cash advance online: http://clipperscurse.com
0 #11 payday loans 2014-07-17 19:19
Hi, I want to subscribe for this blog to get most recent updates, thus where can i do it please help out.

Look into my web page; payday loans: http://bestsatnav.org
0 #10 cash advance online 2014-07-16 12:28
Hey There. I discovered your weblog using msn. This is a really smartly written article.
I'll be sure to bookmark it and come back to learn extra of your
helpful info. Thank you for the post. I will certainly comeback.

Feel free to visit my web page: cash advance online: http://clipperscurse.com
0 #9 viagra online 2014-07-14 17:03
These are in fact great ideas in on the topic of blogging.
You have touched some nice points here. Any way keep up

Here is my website - viagra online: http://realhousewivesofbuckscounty.com

Add comment

Security code