Local busybodies
October 8, 2009 | Mississippi, alternatives, industry, local issues | Comments (0)From Mississippi’s Clarion Ledger:
The city of Ridgeland this week extended its moratorium on certain businesses officials say tend to cause blight.
Ridgeland joins other metro area cities that have moved to restrict the spread of pawnshops, check-cashing or payday lending establishments and tattoo parlors.
Canton passed a similar moratorium this week and joins Clinton, Madison, Flowood and Pearl in passing restrictions on these operations. Ridgeland’s restriction will be extended to nine months, while officials study to determine a permanent policy approach for limiting or locating such businesses.
It’s a wise move that the city of Jackson also should move to adopt.
To be clear, these are legal businesses, whose practices are as old as commerce itself. However, they tend to draw the poor and vulnerable who have a lack of access to credit or know-how to obtain other loans from more traditional institutions.
That last sentence is patently untrue. Payday lending customers have the know-how to choose the least costly short-term credit service.
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