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References: #The State
Seven payday loan bills still brewing in Columbia
The State newspaper has a good piece on the ongoing saga about if payday loans should or shouldn't face more regulation, if not outright banned.
Read more stories on this subject in our payday loans topic page. In the past, I've made it clear that I'm no fan of the industry. But I do recognize that there are times when folks do need a small amount of short-term cash.
As such I'm still somewhat on the fence if theses loans should go away entirely, but I think more regulation and lower interest rates are the right way to go. I also think the House's passed legislation to up the limit on loans to $600 is ill-conceived at best.
If the Senate does pass a piece of legislation, it looks like it could well be tougher on the industry than the House's. The two bills would then have to be reconciled.
Go check out The State's story and our archives and make your own opinion.
10 Mar 2009 12:28 am.
Personally I think this is an issue of abuse and poor financial wisdom, with a little backhanded politics to sour the mixture further.
People so often borrow outside their means and don't have access to free financial education. It's this kind of reckless, unwise behavior that's tossed the economy into freefall. We need to get everyone to think a little harder when they borrow, and we DON'T need to ban financial options out of hand.
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