Springing the Debt Trap -- for San Franciscans and Californians

Sold to consumers as short-term relief during a cash crunch, pay day loans carry interest rates of over 400 percent and catch working people with a steady source of income in a long-term debt trap.

On December 17th at 11:30am, San Francisco City leaders, in partnership with local credit unions, helped relieve this burden on hardworking San Franciscans by launching PayDayPlus SF, a low cost emergency loan available to City residents at 13 locations.

Following a press conference with City Treasurer José Cisneros, Mayor Gavin Newsom, and Congresswoman Jackie Speier (D-CA), Anne Stuhldreher led a community conversation about PayDayPlus SF with 100 City residents and community leaders. Speakers discussed ways to spread the word to San Franciscans about this new low cost loan to help weather tough economic times. They also discussed the problems caused by conventional pay day loans and how your organization can help push for proposed financial empowerment solutions that are moving forward in Washington, DC and Sacramento.

The location for this event was generously provided by Mission Neighborhood Centers, Inc.

Participants

José Cisneros
City Treasurer of San Francisco

Paul Leonard
California Office Director, Center for Responsible Lending

Luis Granados
Mission Economic Development Association

Olivia Calderon
Legislative Director, California Asset Building Program, New America Foundation

Steven Stapp
President and CEO, San Francisco Federal Credit Union

Anne Stuhldreher
Fellow, California Asset Building Program, New America Foundation