This week on the economic fairness front:
1. Oregonian reporter, Bill Graves, awarded for in-depth payday loan coverage
2. New state report shows high cost of short-term loans
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1. Bill Graves won second place in the Debby Lowman Award for Distinguished Reporting of Consumer Affairs for his extensive coverage of the payday loan issue. For more than a year, Bill Graves has covered short-term high cost credit in Oregon. His in-depth news coverage delves into the economic, political, and human aspects of an ever evolving issue. The award was well deserved appreciation for helping thousands of readers become more educated on an important issue. Visit our news archive to read some of the payday loan articles by Bill Graves.
2. A new state report shows short-term lending increased with interest rates spiking to a high of 2,551 percent. A new statewide survey of the short-term loan industry in Oregon shows that these loans are increasing in cost and number. In 2005, the average annual interest rate on payday loans in Oregon was 528 percent. The report also included the startling statistic that interest rates on so-called “conventional” consumer loans averaged 97 percent.
Stand up for economic fairness for all Oregon families. Add your voice to the Economic Fairness Coalition.
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Payday Loan Fairness: [x] Yes, [] No
©2006 Our Oregon. All rights reserved. Photos by Leah Nash.