GATEWAY 180 SAYS THAT A LOT OF PEOPLE IN MISSOURI COULDN'T MAKE IT VERY LONG IF THEY LOST THIER JOB. A NEW REPORT FROM THE NON-PROFIT CORPORATION FOR ENTERPRISE DEVELOPMENT FINDS 38 PERCENT TO BE LIQUID ASSET POOR, MEANING THEY DON'T HAVE THE SAVINGS TO LIVE AT POVERTY LEVEL FOR THREE MONTHS IN A FINANCIAL EMERGENCY.THE REVEREND MARTIN RAFANAN (RAF-ah-non) RUNS MISSOURI LARGEST HOMELESS SHELTER, GATEWAY 180. HE SAYS MANY PEOPLE LIVING PAYCHECK TO PAYCHECK DIG THEMSELVES DEEPER IN DEBT WITH PAYDAY LOANS THAT CAN ACCUMLATE HUGE INTEREST RATES.
RAFANAN(RAF-ah-non) BELONGS TO A COALITION OF RELIGIOUS GROUPS WHO ARE CALLING ON THE STATE TO IMPOSE A 36 PER CENT CAP ON PAY DAY LOAN INTEREST...PAYDAY LENDERS SAY THEY ARE PROVIDING A SERVICE TO PEOPLE WHO ARE CONSIDERED A HIGH CREDIT RISK AND WHO ARE TIGHT ON MONEY.THERE IS A SECOND PETITION IN CIRCULATION THAT IS JUST THE OPPOSITE. IT WOULD RESTRICT THE LEGISLATURE'S AUTHORITY TO SET PERCENTAGE RATES ON LOANS.
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