Blood pressure up
February 17, 2009 | The State, customers, industry, regulation, states | Comments (0)And it’s only 8:30 a.m.
The State newspaper of South Carolina wants the Senate to be tougher than the House on payday lending regulations:
The best remedy is to ban payday lending, but many lawmakers oppose that. Fine: Then regulate the industry tightly so it does what it continually alleges is its aim — to provide short-term, emergency loans.
Let’s ban newspapers instead so people won’t have to read this drivel. (We kid. We love the First Amendment.) Ninety-five percent of payday lending customers pay their loan off when due. The others can take advantage of an extended payment plan.
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