Anniston Star editorial board member radio interview
July 18, 2008 | Alabama, NPR | Comments (0)Phillip Tutor, the Commentary Editor of the Anniston Star, was on Birmingham, Alabama’s NPR station today talking about the Star’s recent series on payday loans. You can listen here.
Notice at the end of the interview Tutor calls for still more regulation of payday lenders in Alabama. He wants the state to find a “middle ground” capped APR (similar to that in North Carolina) where lenders can still operate but vulnerable citizens are protected.
Tutor, like so many other critics, continues to ignore the fact that a rate cap already exists — a 17% interest cap for the loan term, which payday lenders respect and meet. Imposing further rate caps on two-week loans that are based on annual terms is not workable — these aren’t meant to be annual loans and the small businesses making them cannot operate under those constraints. Why can’t Tutor and others understand that?
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