This church is spending $41K to pay off loans for 48 families

Obama Calls for Payday Loan Regulations
Obama Calls for Payday Loan Regulations

Forty-eight Alabama families are getting especially lucky this Easter season.

The Worship Center Christian Church, in Birmingham, AL is stepping up to pay $41,000 in loan debt for both members and non-members.

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They've also set up financial counseling for those receiving the funds in order to help them better manage their debt and payout.

In an interview with local CBS affiliate WIAT TV, Pastor Vanable H. Moody noted:

"We've been in a teaching series about financial management, and one of the things we recognized in Alabama that's a really bad epidemic is the payday loan industry."

This comes as a result of a recent bill approval in the state of Alabama that allows lower fees to be charged by payday loan lenders.

Watch Pastor Moody talk about the church's debt payout here:

The new legislature allows the maximum fee to be $15 per $100 borrowed, versus the previous maximum of $17.50 per $100 borrowed (which additionally had to be paid back within 2 weeks).

Much like the church promotes, Moody and the rest of the community want to ensure that they aren't just giving those in need a quick and easy fix:

"...we solicited a number of people who were in overwhelming debt with the payday loan industry...we wanted to teach them, not just about financial management, but to give them the tools to get out."

These tools are necessary, especially in what Moody calls an "epidemic" in the state:

"I wanted [the congregation] to understand how bad debt is— it really is like a prison. We want people to be aggressive about getting out of debt, to help their lives, their children and successive generations."

No matter your religion, you can't help but support the generosity and the core of Moody's initiative to help and to educate.

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