July 17th, 2009
Webmaster Note: Michael Rowett serves as the Chairman of Arkansans Against Abusive Payday Lending (AAAPL) on behalf of Southern Good Faith Fund, an affiliate of Southern Bancorp.
Payday loans often create more problems than they solve.
Banks, credit unions offer alternatives for tapping quick cash.
Credit counselors can rearrange finances to free up money.
The recession drags on, and many consumers facing financial emergencies are looking for quick cash. For years, payday lending — in which borrowers get small loans to tide them over until the next payday — has been a popular option.
Currently, there are about 22,000 storefront payday loan stores nationwide, according to the Consumer Federation of America in Washington, D.C. On average, the industry makes $40 billion in loans and collects $6 billion in finance charges from borrowers each year.
But taking out a payday loan isn’t necessarily a smart financial move for the borrower.
July 8th, 2009
More Arkansans who are finding it tougher to make ends meet than most could get the help they need thanks to the Winthrop Rockefeller Foundation.
WRF recently awarded $125,000 to Southern Good Faith Fund (SGFF), an affiliate of Southern Bancorp, for a program aimed at helping low-income Arkansans.
July 7th, 2009
Over the last decade, career pathways has emerged as a strategy to increase access to postsecondary training and education as well as improve educational attainment for low-income and low-skill adults. Defined as a framework, career pathways are “a series of connected education and training programs and support services that enable individuals to secure employment within a specific industry or occupational sector, and to advance over time to successively higher levels of education and employment in that sector.”1 Blending multiple elements that range from redesigning curricula and programs that lead to an industry-recognized credential to aligning the various missions of a community college and providing case management and wrap-around support services, career pathways are an important vehicle for the economic advancement of adults living at the economic margins.
July 3rd, 2009
Grameen Bank and microfinance guru Muhammad Yunus came to America just a year ago with ideas—and success stories—on how the poor can survive a credit crunch.
July 3rd, 2009
On June 17, 2009, Senator Blanche Lincoln announced her intent to introduce Child Account legislation this fall, ‘Adding the Kids’ to the Nation’s savings agenda. The Child Accounts Act of 2009 would create savings accounts for every child born in the United States. Such a system of universal Child Accounts would give every young adult a financial spring board to launch themselves into a more financially secure life and would help to develop a more financially secure society.