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Robert L. Johnson And Dr. DeForest B. Soaries, Jr. Announce Alliance To Finish Payday Lending, Lower Minority Personal Debt, And Improve Financial Education

Agreement Supports RLJ Financials’ Arrange to give you Viable substitute for Payday Lending for customers looking for Short Term and Emergency Borrowing

Robert L. Johnson, creator and president for the RLJ Companies and Dr. DeForest B. Soaries, Jr., senior pastor for the First Baptist Church of Lincoln Gardens in Somerset, nj-new jersey , announced their alliance to reshape the nationwide monetary financing climate which help Americans, especially minorities, reduce personal debt, enhance household cost cost savings, and over come a cycle of temporary and emergency borrowing brought on by the extortionate usage of payday financing.

Almost twelve million Americans look to payday advances yearly whenever confronted with economic challenges to be able to protect crisis costs and satisfy money shortfalls. Forty-one per cent of borrowers have actually required a cash infusion to cover off a quick payday loan and several eventually consider exactly the same choices they might used rather than payday advances to finally spend from the loan. Because of this and as a result of present high interest financing prices, numerous borrowers are not able to cover back loans in a prompt manner and locate themselves in a period of borrowing and financial obligation. (Payday Lending in the us: just exactly How Borrowers Select and Repay pay day loans, posted February 2013 ).

Johnson announced early in the day this season his economic understanding campaign to «end payday financing it today» and has designated Dr. Soaries and his dfree В® program as the financial literacy arm to change the lending climate and help minority consumers overcome recurring debt and achieve financial stability as we know. By encouraging lending institutions to generate lower interest borrowing solutions and making customers more aware regarding the financial choices open to them before heading into financial obligation, today’s collaboration will offer you the equipment and resources customers require to make better and much more informed decisions that are financial.

Created by Dr. Soaries in 2005, dfree В® can be an enterprise that produces solutions for people and businesses pursuing monetary freedom and self-sufficiency that is economic. The dfree В® strategy starts with all the eradication of financial obligation and addresses the root reasons for chronic indebtedness. dfree В® is short for «Debt, Delinquency and Deficit complimentary» and also the system has now reached tens of thousands of customers nationwide by challenging them to seize control of these funds by establishing financial obligation decrease objectives, paying down debt, increasing understanding and changing behavior because it pertains to money and borrowing.

«Dr. Soaries as well as the В® that is dfree is very effective in its mission to aid customers gain economic literacy and save yourself with regards to their economic future,» stated Johnson. «we am happy that Pastor Soaries has consented to work collaboratively back at my campaign to result in an end to payday lending it today as we know. He’s been a nationwide frontrunner on educating customers concerning the need certainly to live financial obligation free, and I also genuinely believe that together we shall result in a substantial modification and offer valuable information about enhancing the life of millions of working course Us citizens, specially minority Americans,» he concluded.

«we have always been thrilled to become listed on Bob Johnson and their economic effort to finish payday lending and am proud to be an integral part of the efforts through dfree В® . Our objective would be to assist customers nationwide achieve debt living that is free financial capability, also to depend less on borrowing, especially from high interest payday lending institutions. Providing individuals and families with all the tools to deal with monetary requirements on a basis that is consistent assists them to better handle their finances and attain monetary freedom,» noted Dr. Soaries.

In regards to the RLJ organizations: The RLJ organizations, started by Robert L. Johnson , is definitely a revolutionary company community providing you with strategic opportunities in a varied profile of organizations. Inside the RLJ Companies profile, Johnson has or holds passions in businesses running in a publicly exchanged resort owning a home trust; personal equity; monetary solutions; asset administration; insurance coverage solutions; car dealerships; activities and activity; and movie lottery terminal (VLT) video video video gaming. The RLJ Companies is headquartered in Bethesda, MD , with affiliate operations in Charlotte, NC ; Little Rock, AR ; Los Angeles, CA ; San Juan , PR; and Monrovia, Liberia . Just before founding The RLJ organizations, Johnson ended up being creator and president of Ebony Entertainment tv (BET). To learn more see:

About Dr. DeForest B. Soaries, Jr.: Dr. DeForest B. Soaries, Jr. may be the senior pastor of First Baptist Church of Lincoln Gardens in nj-new jersey and writer of dfreeВ®: Breaking free of Financial Slavery. Their dfreeВ® strategy was created to lead individuals away from financial obligation to obtain independence that is financial. Their strategy ended up being the main focus of CNN’s «Almighty Debt» documentary. Recently, Soaries announced the Billion Dollar Challenge, a campaign people that are challenging pay back $1 billion with debt. Individuals can monitor their progress online at.