Feb. 25, 2010
Vice Mayor Michael Nowakowski opposes proposals at the state legislature to allow payday loans to continue and to keep charging loan fees as high as 390 percent. The special exception that allows these skyhigh rates is scheduled to expire July 1, 2010. But payday lenders and some legislators are proposing to lift the expiration and allow more and more families to get caught in the debt trap.
In November 2008, voters in Arizona said NO to payday loans with a resounding 60 percent vote. “I agree with my constituents that whatever the payday lenders call reform is no reform at all as long as it keeps outrageous fees that cause families great financial harm,” said Vice Mayor Nowakowski. “We’ve learned from the mortgage crisis that bad loans with unaffordable rates are dangerous for families and dangerous to our neighborhoods.”
Nowakowski stands with voters in opposing any efforts to extend these harmful loans. For more information, call the District 7 office at 602-262-7492 or send an e-mail to council.district.7@phoenix.gov.
Media Contacts:
| District 7 Office Stephanie Ribodal |
602-262-7492 602-261-8512 |