Find congressional compromise
April 20, 2009 | Ohio, Rapid City Journal, South Dakota, federal legislation, industry, media coverage, personal finance, regulation | Comments (0)That’s the thrust of this Rapid City editorial
Payday loan operations fill a void. Until any person can walk into a traditional bank or credit union and borrow $100 until his or her next paycheck, payday loans will remain the only option for a lot of folks. We can support keeping the quick, short term cash option in place; but some protection against an exploding, long term debt problem should be part of the equation.
The industry, led by the Community Financial Services Association of America, has always compromised on real consumer protections. What it will not compromise on is its existence.
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