Uninformed opinion
June 1, 2009 | Iowa, federal legislation, industry | Comments (1)From a paper in Dubuque, Iowa:
Legislation proposed at the federal level would have some impact, but the interest rate cap in the proposed legislation is still a whopping 391 percent. That just won’t get the job done for the working poor. In fact, the proposal would override some states’ stiffer laws that have kept payday lenders out. This is heading in the wrong direction.
They are referring to the Gutierrez bill, which does not pre-empt state law so they are factually wrong. We won’t bother debating the rest of it.
Comments»
Notice the Telegraph Herald forgot to mention the high APR’s of their advertising rates? Can someone calculate the APR of a $1000.00 half page ad for one month? I believe it would be well over 1200%? Perhaps we need to cap newspaper ad rates? Afterall it forcing thousands of small businesses into a “Debt trap,” of high cost advertising!