A solution?
March 11, 2009 | Kentucky, industry, regulation | Comments (0)The Louisville Courier News editorial writers weigh in with what they call a “solution”:
Consumer advocates promote the federal solution — a 36 percent limit on the annual percentage rate charged for short-term payday loans. That approach also has been adopted by 15 states.
Wrong. Fifteen states have NOT adopted a 36% rate cap. And the only thing 36% rate caps solve is diminishing competition and reducing jobs.
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