May 15, 2009
How much is enough?
Take a deep breath, go pour yourself a drink and read this article over at the Observer on payday lending.
Aren't you glad I made you get the drink? The thing is this... how much is enough? These are the ultimate in secured loans, secured either by an auto title or a postdated check from the borrower. There's little if any chance the borrower will default especially in the case of the check because the next step for a dishonored check is the county attorney. Still, our electeds have allowed these companies to charge interest that would, frankly, make even Satan blush. And session after session, the Lege let's it happen.
Well, the REPUBLICANS in the Lege let it happen. The few Democrats who love the payday people could easily be shamed into signing off on regulation. The Republicans, obviously, can not.
Posted by mcblogger at May 15, 2009 08:39 AM
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