Pawn shop showdown
June 2, 2010 | alternatives, industry | Comments (1)The District of Columbia, having shuttered payday lending stores two years ago, is now going after pawn shops. From the story:
At 10:00 a.m. tomorrow morning, the City Council’s Committee on Public Services and Consumer Affairs will hear testimony on an idea that could radically change the landscape for high-interest lending in the District: A bill that would cap the allowable interest rate for pawn shops at 24 percent, among the lowest rates in the country.
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But it’s fair to predict that the pawn shop industry will have some objections in tomorrow’s hearing—a national pawn shop advocacy group predicted that even a 36 percent cap would “devastate” the industry, meaning “the loss of a convenient, trusted, and vital credit option for consumers.”
This story was yesterday, so the hearing is today.
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