tag:blogger.com,1999:blog-24744976.post9093478930228462104..comments2009-03-14T06:03:20.225-05:00Kevin Surbaughhttps://profiles.google.com/114850083782944258911noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-24744976.post-24408695471995286302007-02-08T10:25:00.000-06:002007-02-08T10:25:00.000-06:00I tend to agree with you on most things POT, but I can't agree on this one. No, I don't have a payday loan business. Yes, I do believe they are predatory. Still, I don't like the caps the legislatures want to impose. These payday loan companies take enormous risks by lending high-risk people money. People that no bank would lend money at any interest rate. Sure, one can get a title loan from a bank, but not if they don't make a good income and already have good credit. The government, no matter how hard they try, cannot, simply cannot eradicate bad decision by legislation. It's as if everyone is saying the people who are caught in the pay day loan cycle ar not responsible for being there in the first place. People have to assume responsibility for their actions, and the consequences that go along with those actions. This kind of legislation hurts our society in the end run by removing any personal consequences from bad decisions.Bigsiblinghttp://www.blogger.com/profile/17224351304430656784noreply@blogger.comtag:blogger.com,1999:blog-24744976.post-45175958768871482932007-02-06T21:58:00.000-06:002007-02-06T21:58:00.000-06:00I wholeheartedly agree. That's funny that you mention predatory lending, I just wrote a bit about Refund Anticipation Loans (RALs), which is what a lot of tax firms are doing with their clients. It's a total ripoff and it is so unfair to the people who are hit hardest by this. A lot of times the consumer of this type of loan really isn't aware of the steep APR that accompanies it. <br /><br />People are always arguing that it's a free market and why stick the government's hand where it doesn't belong, well...someone has to watch out for those who would otherwise be taken advantage of. If I had it my way, I would probably find a way to get rid of this altogether...but I guess that a 36% cap is a decent compromise.<br /><br />Nice blog btw...thanks for the tips. I'm trying to work my way out of 15K plus of unsecured debt, I hope to be out by March of 2008. Wish me luck!debt diarydebtdiary.wordpress.comnoreply@blogger.com