Contradiction
January 20, 2011 | Mississippi, State legislation | Comments (0)The Clarion-Ledger in Mississippi makes confusing remarks in an editiorial today. First:
As this newspaper has noted in the past, payday lenders are legal businesses whose practices are as old as commerce itself.
Then:
But Mississippi legislators know the pitfalls of payday lending and they know that in 1998, they created the loophole that raised maximum legal interest from 36 percent to the 572 percent equivalent.
Has payday lending been around since dinosaurs or since 1998? The answer is this lending has been around for years, and in 1998 the state passed strong regulations that are in place now. Never before then or ever has there been a payday loan made for 36 percent – which is an arbitrary number that ignores the short-term of these loans. This and the regulations that payday lenders follow are largely ignored by the press and critics.
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