Lawmaker Stalls Bill on Payday Lenders

February 1st, 2007 | Posted in Misc Assorted General Stuff, News, Politics | Comments Off on Lawmaker Stalls Bill on Payday Lenders

I don’t see any reason for this at all.  The idea of charging triple-digit interest rates is a purly criminal level of greed that should not be permitted by anyone.

Forrest City Lawmaker Stalls Bill on Payday Lenders

LITTLE ROCK, AR – Questions about whether payday lenders were unfairly targeted by a bill to prevent them from charging triple-digit interest rates have delayed a vote on the measure in a House committee.

As for what this representative said about this bill targeting one industry while ignoring banks, utilities and pawn shops…  I don’t see any reason to let that stop the bill.  Get this one passed and then get another one covering the others.

Of course there is probably a reason that so-called payday lenders have been targeted and I expect that it’s because there’s a lot of people that consider them to be a problem when it comes to outrageous interest rates.  Generally speaking banks and credit card companies keep it down to 20 to 30 percent at the most.  There is no excuse for triple digit rates at all.  Ever.

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