400% interest on payday loans is too high

[Donnachaidh]

http://billingsgazette.com/news/opinion/mailbag/article_d609d00e-be1a-11df-bf53-001cc4c002e0.html

It is disappointing that Ryan Harris did not disclose who he works for and his job title in his recent letter to the editor on payday lending.

A little research revealed exactly why Harris wrote The Gazette. He is the communications manager for Check Into Cash, a large payday lending company from Tennessee.

Harris is the mouthpiece for one of the most notorious predatory lenders out there, Allan Jones, and should have revealed his employer. Why hide these facts? Perhaps because his boss Jones, who is recognized as the founder of the payday lending industry, brings in over $20 million a year after taxes. There is nothing wrong with making money, but doing so by targeting people with predatory loans designed to trap them in debt is unconscionable.

A $25 million yacht and a 400-acre estate in Tennessee with its own lighted football field are a few examples of how Jones spends the money he makes by charging over 400 percent interest and harming our working families in Montana.


More at the link ---

[Vinnie From Indy]

1. Not according to our reps in Washington

The laughable Credit Card Reform Act a few years ago did NOTHING to address the issue if usury. In fact, there was great pressure brought to bear to allow guys like Jones to charge 400% interest.

[RKP5637]

3. Yep, it was all gonna be fixed, wasn't it... what a joke on us. Usury is alive

and well in the US. If you've got the money, you take what you damn well want in the US for the most part, and hell, buy yourself some congressmen along the way, that works well. And if not, just fund your own political campaign and talk dumbed down Americans into voting you into office. Hell, they're proud of their ignorance.

[marmar]

2. Ya think?

That's usurious usury.