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ELI:
ELI: -- ELI
ONE PERSON
PUSHING FOR CHANGE IN THE
INDUSTRY SAYS THERE ARE MORE
PAYDAY LOAN BUSINESSES IN
WALMARTS, AND MCDONALDS
COMBINED.
TONIGHT, ONE MAN'S STORY, SURE
TO DRAW THE INTEREST OF THIS
FEDERAL AGENCY WHEN THEY HOLD
THAT HEARING HERE NEXT MONTH.
>> THEY ARE THE ONES THAT KEEP
ME GOING.
ELI: FOR ELLIOT CLARK -
>> I DO WHAT I DO FOR THEM.
ELI: FAMILY IS EVERYTHING, BUT
ON THIS WALL, THERE ARE NO
THE HARDEST TIME OF HIS LIFE.
>> NO MATTER WHAT I DID, I WAS
STRUGGLING.
ELI: THE FAMILY'S TROUBLES DATE
BACK TO 2003.
CLARK'S WIFE WAS INJURED AND
COULDN'T WORK, AND CLARK'S JOB
AS A SECURITY GUARD COULDN'T PAY
THE BILLS.
THEY TRIED TRADITIONAL BANKS,
BUT COULDN'T GET A LOAN.
>> A LOT OF SLEEPLESS NIGHTS?
NIGHTS.
ELI: FINALLY, FEELING HELPLESS,
-- FEELING LIKE HE HAD NO OTHER
OPTIONS CLARK WALKED INTO A
, PAYDAY LOAN BUSINESS.
HAD.
ELI: CLARK TOOK OUT FIVE PAYDAY
LOANS IN ALL, TOTALING $2500.
OVER THE NEXT FIVE YEARS, HE
SAYS HE PAID $61,000 IN
INTEREST.
LENDING, BUT WE NEED TO HAVE
SMALL DOLLAR LENDING THAT IS
--
>> WHEN I FIRST STARTED TELLING
MY STORY, I COULD NOT DO IT
LETTING PEOPLE KNOW HOW
VULNERABLE I HAVE BECOME.
FOR JUNE 2 AT 10:00 A.M. AT THE
MUSICAL HALL ON WEST 13TH
STREET.
EXPERTS SAY ITS ONE STEP IN THE
CHANGE IN THE PAYDAY LOAN