The Waco, TX, CBS affiliate KWTX reported on the Pit of Despair at Baylor University, focusing their attention on students who take out payday loans to help cover student debt repayment. It was also highlighted as the Waco Tribune-Herald’s photo of the day.
Students brought out the Pit of Despair, a visual depiction of the payday lending cycle of debt that is touring the country, to encourage their city to keep up the fight to #StopTheDebtTrap. In February, the City of Waco joined thirty-three other Texas cities in passing a local ordinance to restrict payday and auto title lenders from their city. This has been a powerful victory tool for consumers across the state, and Waco’s success will doubtlessly inspire even more cities to join in.
Unfortunately, we know all too well that the payday lenders will try to evade local law or simply move right outside of the cities’ borders. So almost a hundred Baylor students signed onto a petition to call on the Consumer Financial Protection Bureau to issue a strong federal regulation to stop abuses of payday lenders and protect students who are often already mired in debt.
The event was co-sponsored by the Baylor University Office of Community Engagement and Service, Citizens for Responsible Lending, and student organizations.