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Allstate Gospel Superfest Battle of the Bands New Talent Search to Return in August!

Allstate Gospel Superfest Battle of the Bands New Talent Search to Return in August!

Producers of the Allstate Gospel Superfest

The Allstate Gospel Superfest Battle of the Bands New Talent Search to Return in August!- Jacksonville, Memphis & Washington, DC Chosen to Host the 2014 Competitions -(BLACK PR WIRE) – Cincinnati, OH – Producers of the Allstate Gospel Superfest will conduct its sixth annual new talent initiative in three major U.S. cities this coming…

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Dorothy Buckhanan Wilson Installed as International President of Alpha Kappa Alpha Sorority, Incorporated

Dorothy Buckhanan Wilson Installed as International President of Alpha Kappa Alpha Sorority, Incorporated

Charlotte, NC (BlackPR.com)

Dorothy Buckhanan Wilson of Milwaukee, Wisconsin, a business executive, was installed as the 2014-2018 International President of Alpha Kappa Alpha Sorority, Incorporated (AKA)

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Nielsen Expands Communications Leadership Team with Key Media Relations Hire

Nielsen Expands Communications Leadership Team with Key Media Relations Hire

New York (BlackPR.com)

New York (BlackPR.com) -- Nielsen today announced that Andrew McCaskill has joined Nielsen as Senior Vice President, Corporate Communications. He will report to Chief Communications Officer Laura Nelson.

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Voter Suppression: It’s Mobilization Time

Voter Suppression: It’s Mobilization Time

Written by Peter Grear

With this article we will start detailing the ingredients of a revisable action plan that needs comments and revisions as we move toward the Tuesday, November 4, 2014 General Election.  

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Las Vegas Comedian James Bean's Candid Account Of His Struggle With Suicide

Las Vegas Comedian James Bean's Candid Account Of His Struggle With Suicide

WHEN THE HUMOR IS GONE

James Bean has shown insight and understanding of the darkest moments of many people’s lives as well as ideas on how one could begin to create a life worth living even out of the depths of despair.” -– Rhonda Duncombe, LMFT, LADC

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Voter Suppression: NC Black Republican Advisory Board

Voter Suppression: NC Black Republican Advisory Board

Written by Peter Grear

Educate, Organize and Mobilize: I confess that I’m amazed. The Republican National Committee and the Republican Party of North Carolina announced last week that they have launched theNorth Carolina Black Advisory Board (BRAB) 

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Tips for Managing Stress in Your Life

Tips for Managing Stress in Your Life

Written by State Point

Stress is not only unpleasant; it can be overwhelming, ultimately preventing you from solving the problems that caused the stress in the first place. But getting focused can help you feel happier and be more successful professionally, financially and in your relationships, say experts.

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Voter Suppression: Defeating it requires two massive efforts

Voter Suppression: Defeating it requires two massive efforts

Written by Peter Grear

For black voters, Benjamin Jealous expressed what I believe to be the critical message for black voters when he said that the best way to overcome massive voter suppression is through a massive wave of voter registration.  Thankfully, the NAACP is putting this theory into action through the Youth Organizing…

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Black Women are Taking Care of Business

Black Women are Taking Care of Business

Written by Freddie Allen

Instead of breaking the glass ceiling, Black women have increasingly started making their own. According to the Center for American Progress, an independent, nonpartisan progressive institute, Black women are the fastest-growing group of entrepreneurs in the country.

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Voter Suppression: Is it partisan?

Voter Suppression: Is it partisan?

Written by Peter Grear

Educate, Organize and Mobilize: I’ve been doing commentaries on our Campaign to Defeat Voter Suppression since November, 2013.  Because the right to vote is fundamental to our democracy, I’ve tried to promote a non-partisan theory of voter enfranchisement. 

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Why vote? ALEC and the Doctrine of Exclusion

Why vote? ALEC and the Doctrine of Exclusion

By Peter Grear

Educate, Organize and Mobilize: Frequently, in going forward it is imperative to examine your history.  In 1638 the Maryland Colony issued a public edict encouraging the separation of the races that became the public policy of America. 

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Download Greater Diversity News Digital PDF Edition for FREE

Download Greater Diversity News Digital PDF Edition for FREE

FREE Full PDF Edition includes stories not featured on the website

The FREE Full PDF Edition includes stories not featured on the website. No paper, no hasel, read on your laptop or mobile devices. 

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New Report: Payday Lending Drains Nearly $1 Billion from Local Communities

Written by Charlene Crowell on 08 April 2013.

One of the worst ironies of the nagging economic recession is that consumers with the fewest financial resources have lost the most. Now, a new report finds that payday loans not only strip much-needed income from low-income families; but also harms the economic viability of the communities where they operate, draining nearly $1 billion a year. Written by the Insight Center for Community Economic Development (Insight Center), it also reveals other net negative impacts of these small-dollar, high cost loans on economic growth and personal bankruptcy filings.  

The Insight Center examined the net economic impact of the $3.3 billion in interest that borrowers paid to non-bank payday lenders in 2011. The study found that if consumers collectively had an additional $3.3 billion in discretionary spending, it would have resulted in $6.34 billion in economic activity and created 79,000 jobs. 

In comparison, payday lending activity added $5.56 billion to the national economy and created 65,000 jobs. 

Combining these figures shows a net loss from payday lending of $774 million in economic growth and over 14,000 jobs -- in addition to $169 million lost through Chapter 13 bankruptcies.  

The report states, “This nearly $1 billion loss in economic activity should serve as a strong signal that, in addition to the well-documented harm to the families directly receiving payday loans, payday lending harms local community economies and the overall economy.” 

“Payday lending drains over $2.5 million from the economy each day”, continued the report. “In addition, we estimate that more than 38 people lose their jobs each day due to the economic drain of payday lending.”  

Payday lending has been a centerpiece of the Center for Responsible Lending’s research and policy efforts over the past decade. CRL also supported the new report’s development. 

Earlier CRL research determined that each year 12 million Americans become entrapped in payday loans, taking out an average of nine loans per year. With more than 22,000 locations, there are more than two payday stores for every Starbucks coffee store.  

CRL has also documented how storefront payday lenders tend to concentrate locations in low-income and communities of color. The Southern states of Alabama, Louisiana, Mississippi, Tennessee, and South Carolina had the highest number of payday stores per 10,000 residents. Outside of the Deep South, Missouri and Nevada were the only states with comparable density of payday storefronts. 

Similarly, the Insight Center found that five states were charged the greatest amount of payday loan interest were California, Texas, Florida, Mississippi and Illinois. In these locales, financial payday losses ranged from $135 million in California to $55 million in Illinois.  

Remarking on the Insight Center’s new findings, Keith Corbett, CRL executive vice-president said, “Payday lending is really financial assault on communities of color. By preying on consumers with few resources, this predatory product takes what little they have and winds up leaving borrowers worse off than before these loans.”    

Corbett’s comments are underscored by the Insight report. “Far from creating opportunity, payday lending creates impoverished households and endangers local economies.  •

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