Rate cap “misguided’
October 10, 2010 | Montana, positive media coverage | Comments (0)Great column in the Billings Gazette newspaper:
I recall that the documents I signed mentioned some seemingly outrageous annual percentage rate, but what did I care? All I knew was that I was paying $25 for a short-term loan of $200.
That seemed like a pretty good deal at the time, and it still does. It beat the alternative of scrounging a loan off a friend or relative. My improvidence was no secret, but it would have been more embarrassing to ask a friend for an interest-free loan than to pay a lender a few bucks for the same amount of money.
Will this type of thinking prevail on November 2?
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