As the nation observes its annual recognition of the life of Dr. Martin Luther King, Jr., it is timely to reflect upon how far we have honored his hope that the nation would live up to its creed. In his famous 1963 March on Washington speech, Dr. King said, “America has given the Negro people a bad check which has come back marked ‘insufficient funds.’”
‘Insufficient funds’ are more than a metaphor or literary reference in 2015. The lack of enough household dollars to cover daily living needs is actually worse today than it was in the 1960s – particularly for Black Americans.
At his recent swearing-in ceremonies as the new chair of the Congressional Black Caucus, Rep. G.K. Butterfield the leader noted that the unemployment rate of African-Americans has been consistently twice as high as that of Whites for the past 50 years.
Long-term, disproportionate high unemployment and under-employment leave many Black Americans struggling to hold on financially until a paycheck or government benefit is received. Others work multiple part-time jobs, trying to piece together a family living. In the interim, predatory fringe lenders exploit these financial challenges by charging triple digit-interest on small-dollar loans such as payday loans.
In a very real way, payday loans are a leading civil rights issue in the 21st Century. Many civil rights organizations are fighting for changes to end the debt trap created by these abusive products in our communities.
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