Still making threats
April 20, 2010 | federal legislation, industry | Comments (1)That would be Illinois Senator Dick Durbin. From the story:
The Democratic Senator also says he wants to regulate user fees associated with credit cards. He said he has introduced language in the bill that would put a ceiling on interest rates.
“I tried to take a number I considered to be so high that even the biggest banks couldn’t argue with it,” he said. “I said we couldn’t have an interest rate over 36 percent. If you take the real interest rate paid on your credit card and you’re late one month…it’s going to get in the 20 to 30 percent rate in a hurry. I think we ought to have an absolute limit.”
Durbin said he also wants to shut down many local payday loan businesses that prey on people struggling during tough financial times.
“I want to put some of these folks on MacArthur Boulevard out of business, these payday loan operations,” he said. “These are awful, they’re exploiting people in Illinois, in our hometown of Springfield. They are charging interest rates that are outrageous.”
Comments»
What is outrageous is politicians who, instead of educating the public, pander to popular misconceptions for votes.
Well guess what, Senator Durbin, payday lenders want you out of business too, not collecting a big check from the taxpayers so you can distort issues and introduce legislation that will do nothing but hurt people.