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 4/10 Good --- blog.dispatch.com http://blog.dispatch.com/dailybriefing/atom.xml
Monday, July 21, 2008 --- 30 days ago http://blog.dispatch.com/dailybriefing/2008/07/feds_eye_tough_payday_lending.sht
| Could Congress make the fight over payday lending interest rates in Ohio a moot argument? U.S. Sen. Richard Durbin, D-Illinois, recently introduced a bill that would cap interest rates for payday loans, car title loans and other types of credit at an annualized 36 percent. The rate is the same Congress approved a few years ago in relation to loans made to military families, after a government study found that payday loans were having detrimental affects on soldiers. Within blocks of my home in Springfield, Ill., there are payday lenders charging interest rates of 200 and 300 percent of the value of the loan, Durbin said in a release. These excessive rates are often hidden and can have crippling effects on those individuals who can afford it least. Ohio payday lenders are trying to beat back a new law that would lower annual interest rates to 28 percent, down from the current 391 percent ($15 per $100 on a two-week loan). They are spending big bucks to get a referendum on the November ballot, asking voters to at least partially nullify the law, allowing lenders to continue charging current interest rates. Lenders say a 28-percent rate will close down most stores, cutting off a vital source of credit for those with no where else to turn. Payday opponents say the industry targets the poor and traps too many people in a cycle of debt, where they repeatedly need new loans to pay off old ones. ... |
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