Montana battle heats up
September 1, 2010 | Montana | Comments (0)From the story:
Opponents worry an initiative to cap interest rates on payday loans could drive them out of business.
Voters will decide Initiative 164 in November. Wednesday, supporters rallied in Missoula. Right now, lenders can charge more than 400% interest annually. The measure would cap the rate at 36%.
One payday lender thinks it’s a bad idea. She worries about what her clients will do if lenders start going out of business.
“They can’t go to their banks and borrow just $300 to buy groceries for their kids or your know, I’m worried about what the people are going to do,” Quik Check’s Jill Wright said. “How many are going to not pay their rent and be out on the street?”
The problem with ballot initiatives is that citizens with no experience with payday loans are influenced by the media coverage and we know how unfair that is.
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