AZ Atty Gen happy businesses are closing

[cindy25]

http://www.huffingtonpost.com/2010/07/09/arizona-payday-lenders-le_n_641676.html

Another payday lending company's decision to leave the state shows the expiration of a law that allowed high-interest loans is working, Arizona Attorney General Terry Goddard said

[libertybrewcity]

yea, those businesses are immoral, charging people extreme interest rates and dragging them further into debt. yes, i blame the people for being so stupid to go to those lending places, but maybe this shows people are becoming a little smarter. the world can never use more of these places, that's for sure.

[FrankRep]

http://www.thenewamerican.com/images/stories/US_12-2009/2605-coverstory.jpg (http://www.thenewamerican.com/index.php/usnews/constitution/2957-state-vs-federal-the-nullification-movement)


Arizona is grabbing the Nullification idea with both hands!

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http://www.jointogether.org/news/headlines/inthenews/2010/medical-marijuana-question.html

Feature: Arizona Medical Marijuana Initiative Looking Good This November
http://stopthedrugwar.org/chronicle/638/arizona_medical_marijuana_initiative

Arizona Senate votes to tax marijuana if legalized
http://www.azcentral.com/news/election/azelections/articles/2010/03/25/20100325medical-marijuana-tax-arizona.html

[cindy25]

1) no one was forced to go to these places
2) if these lenders could make a profit with 36% they would not be closing.
3) can their customers now borrow from banks? from the atty general?

[MelissaWV]

yea, those businesses are immoral, charging people extreme interest rates and dragging them further into debt. yes, i blame the people for being so stupid to go to those lending places, but maybe this shows people are becoming a little smarter. the world can never use more of these places, that's for sure.

If lending were more open and based on better factors than credit score, payday loan places would also not do such brisk business. If you are there, you can be assured there is no other place to get a loan from. If you could go to a bank, or even get a credit card, you would not be promising 30%+ interest to one of these companies.

They are leaving because their trade will no longer be legal, not because people are "smartening up" or because they aren't turning a profit. The people that turn to these kinds of loans now can't, and banks are more strict than ever. Perhaps it's time, then, for them to miss more utility or vehicle payments and finish the fall to complete poverty, at which time they can latch on to the Government teat.

[Dr.3D]

Yep, another example of government making laws to keep people from doing business.

While I don't approve of the way those places do business, they should be allowed to do business without the approval of government.

[catdd]

Tennessee is polluted with those crooked businesses. There must be 8 or 10 of them in this little town alone.