Getting people out of the payday lending trap

first_imgIt has been more than ten years since REAL Solutions began working with credit unions to find the right products and services to help low-wage working families build economic capability.  As a country, we have weathered the recession and we are looking towards a brighter future.  Yet, millions of Americans are still struggling.  66% of Americans are living paycheck to paycheck and even more startling is more than half of Americans have no savings to withstand an economic set back.  According to Business Insider, each year, 12 million of your friends and neighbors turn to predatory lenders to pay for that car repair, those school clothes or other emergencies.One very typical predatory loan is a payday loan which is a small short term unsecured loan which relies on a consumer’s (or in our case a member’s) next paycheck as a form of collateral.  Most of these loans are lethal to a person’s ability to accumulate wealth.  While some states do have limits to these types of loans, people are paying in interest 35 times that of the charges on a credit card or 80 times that of a mortgage or a car loan.I am saddened that while more information is in consumers hands, borrowers are still paying up to 574% and are entangled in a seemingly never ending cycle of debt.   In our early research around this issue, we found that not only were members of credit unions using payday loan products, oftentimes so were employees.  So what are credit unions doing about it? A lot. continue reading » 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more


Stanley Cup Final 2019: Michael Ryder on the Bruins 2011 Stanley Cup, Tim Thomas and Game 7s

first_imgSN: Thoughts on tonight?MR: I’m sure it’s going to be a real battle that’s for sure and both teams play real hard; but, both goalies have been good the whole series. I think it’s going to come right to the end.I was a Bruin, so I would like to see them to do it again. There’s a couple of guys on the team that I played with [and] I’d like to see them get another Cup. Sporting News caught up over the phone with Ryder for his take on what this year’s Bruins squad – which includes five of his former teammates from eight years ago – is going through leading up to Wednesday’s deciding game against the St. Louis Blues. (Editor’s note: These responses have been edited for length and clarity.)SPORTING NEWS: Take us through the emotions leading up to the game.MICHAEL RYDER: A lot of excitement. As you know it’s one game, do or die and this is what you play for. You win, you take home the Stanley Cup, you lose, you go home with your head between your legs. It’s quite a feeling and you get that excitement just to play.2011 Bruins are here pic.twitter.com/sIMFRgbJNX— Stephen Whyno (@SWhyno) May 27, 2019SN: Do you think about the fact that it’s a Game 7 or is it just another game?MR: I think about it a little bit before [you think about it] but once the game starts players don’t think about it, they just think about playing the game, focusing and getting into the zone. They don’t think about what game it is, just play in that moment.For me personally, shift by shift, trying to do what I can each shift, just trying to play as hard as I can because there’s no tomorrow.MORE: Q&A with 2003 Game 7 hero Mike RuppSN: What was it like getting the Stanley Cup?MR: I think I was a little shocked at first. You’re so excited and then you get the Cup, you do your lap and you don’t know what to do with it because you’re so excited. You’re in shock. You see your family and you give them a wave. It kind of sets in a couple of days later [after] the moment.SN: Your team played on the road. Is there more added pressure because of the Bruins being at home for this Game?MR: Game 7 is Game 7. It’s not a pressure thing. The Blues feel the same way that the Bruins do. I was up there for Game 1 in Boston [and] it was pretty exciting to be there, just to see the energy in the building. Makes you want to get on the ice and play a game.But I think both teams tonight are going to give it their all and it’s going to be a good game to watch.The 2011 Bruins are here and TD Garden is already going bananas. pic.twitter.com/8QhhcDkw88— Conor Ryan (@ConorRyan_93) May 28, 2019SN: How do you combat all the emotions?MR: I think the team that copes with it the best, handles it the best, probably will win the game. That’s what it comes down to. It comes down to mistakes and the pressures involved. The team makes the most mistakes in those moments usually lose the game.SN: What did [Tim Thomas] mean to the 2011 team?MR: Oh, he stood on his head, he stood on his head for us. We probably wouldn’t have won the Cup if it wasn’t for him. Come playoffs it comes down [being] all about the goaltending and making those key saves in the right moments. Tim did that in the whole playoffs. You can have as good a team as you want but if your goaltending doesn’t make those saves in the right moment, which Timmy did for us throughout the whole playoffs and Tuukka [Rask] is doing for Boston right now, doing the same thing. They’re where they are because of the goaltenders.  BOSTON — The Boston Bruins may be new to hosting a Stanley Cup Final Game 7, but they’re no strangers to competing in one.Back in 2011, the Bruins defeated the Vancouver Canucks for the team’s sixth Stanley Cup in franchise history. Forward Michael Ryder was part of that run, becoming the second player from Newfoundland to lift the Cup.last_img read more