The payday bloodsuckers | Arkansas Blog

Saturday, December 23, 2006

The payday bloodsuckers

Posted By on Sat, Dec 23, 2006 at 6:38 AM

The NY Times today offers an overview of payday lending, banned in 11 states but an increasing scourge in the other 39. The hook is that Congress has enacted legislation to take effect next fall that will limit payday loan interest for military people to 36 percent. Imagine. A lender having to get by on 36 percent interest? They say they just can't do it.

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