be empowered! stop giving your money away!

ROBERT L. JOHNSON AND DR. DeFOREST B. SOARIES, JR.  ANNOUNCE ALLIANCE TO END PAYDAY LENDING, LOWER MINORITY CONSUMER DEBT,  AND PROMOTE FINANCIAL EDUCATION

Robert 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,
>New Jersey, announced their alliance to  reshape the national financial lending 
>climate and 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. (Payday Lending in America: How Borrowers
>Choose and Repay Payday Loans, published February 2013).
>
>Johnson announced earlier this year his financial awareness campaign  to "end payday
>lending as we know it today" and 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. By 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,
>today's collaboration will offer the tools and resources consumers  need in order
>to make better and more informed financial decisions.
>
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