Personal finance story came out of the Sacramento Bee lamenting the criticism we always receive: High-cost, triple digit APR.

The payday loan industry … says they’re a lifesaver for cash-strapped individuals, especially in a choppy economy.

And we say, so what? Millions of customers across the country have used payday advances responsibly and appreciate having somewhere to turn when they need quick access to credit. Analysts estimate payday advances are used by 19 million American households.

The article also discussed a bill that would raise the limits on payday loans – from $300 to $500 – passing the state Assembly.

There are a couple things we want to keep in mind when it comes to restricting access to credit: Loan limits punish borrowers who have proven they can meet their financial obligations and discriminates against those who don’t have access to a wide range of financial options. Research shows that heavy-handed restrictions on payday loans have caused consumers to bounce more checks, pay more late fees, and experience more credit problems.