MEMPHIS, Tenn. — As the cost of living continues to rise, some are turning to high-interest loans to help make ends meet.
That’s one of the reasons Rise Memphis and Microsoft hosted an event to teach people about financial literacy.
“It’s people signing up and not really fully understanding what they’re getting into, not understanding what those interest rates really mean on the back end,” said Executive Director Malcolm Rawls of Rise Memphis.
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Rise Memphis and Microsoft are partnering up to show people how to plan their financial future and deal with the problem of predatory lending.
Financial planning was one of the big draws for the event on Tuesday and was the reason 25-year-old Brison Davis showed up, as he’s been trying to get a house for his wife and 5-year-old son.
“So you’re putting everything into an Excel spreadsheet as far as your actual spending, whether it’s household items and actually tracking it to see exactly what you’re spending your money on,” said Brison Walls, a Mississippi resident.
Brison said he has been savvy enough to stay away from predatory lenders. State Representative Antonio Parkinson said many young people haven’t been as lucky.
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“It’s an incredibly big problem, it’s pervasive, most of the predatory lending organizations are in the black or minority communities, and that says a lot right, and a lot of them are owned by actual banks, believe it or not,” said State Representative Antonio Parkinson.
As far as a solution, both Representative Parkinson and Memphis Rise agree, the best way to beat predatory lending is to become financially literate.
“The official language is the United States is not English, and it’s not Español, it’s capitalism, so learn capitalism, so learn about the money and how the money flows and how the money can work for you,” said State Representative Parkinson.
According to DebtHammer, an estimated 12 million Americans fall victim to predatory loans each year.
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