Should PayDay Loans be regulated?

[AlexMerced]

[luisOlsen]

It should be to prevent people from getting too much debt.

[oyarde]

No Alex , here is why , it makes no difference , if you restrict them and shut them down , others will step forward and , probably do about the same , or worse . What solves these problems / Govt getting out of business , then there would be more oppurtunity for people not to need it . Problem solved . I usually get a small fee for this

[Trigonx]

I know Wisconsin has laws on the book regarding payday loan stores.

The Democrat-controlled Legislature passed the law last session, which stops short of banning payday lending in Wisconsin. Instead, the law:

- Caps borrowing at $1,500 or 35 percent of a borrower’s monthly income, whichever is less
- Prohibits rolling over loans more than once
- Creates a database to prevent people from borrowing from multiple lenders
- Sets limits on where lenders can operate and how many can operate in a given area.

In addition, outgoing Democratic Gov. Jim Doyle used his veto pen last summer to include a provision outlawing lenders from using a borrower’s car title as collateral for a loan.

http://statehousenewsonline.com/2010...new-2011-laws/

And around here in Wisconsin we had a few 24/7 payday loan places, but now a law restricts that and have to close during the late hours.

[TonySutton]

The government is not our Mommy, Daddy or babysitter. There is no reason to regulate these places. Any fraud or breach of contract can be handled in court between the 2 parties.

[The Goat]

I know Wisconsin has laws on the book regarding payday loan stores.



http://statehousenewsonline.com/2010...new-2011-laws/

And around here in Wisconsin we had a few 24/7 payday loan places, but now a law restricts that and have to close during the late hours.

The government didn't like it so they turned it over to the black market.

[Jordan]

Give kids a proper education in personal finance in public schools and you won't need to regulate payday loan lenders, as they probably wouldn't exist.

[VBRonPaulFan]

Give kids a proper education in personal finance in public schools and you won't need to regulate payday loan lenders, as they probably wouldn't exist.

+1, people who aren't morons and have the slightest clue about how to manage their finances will never ever let themselves get to a point where they need money this badly. complete rip off, they take like 1/5 of your paycheck so you can get it a week or so early.

[JorgeStevenson]

Stossel had a segment on payday loans on one of his specials. Basically, the people who get payday loans know they're getting a raw deal. They just have a short-term money issue and the bad deal is worth more to them than no deal at all. We all fall into hard times one way or another - it's better to have places like this freely available to use in emergency situations.

[jmdrake]

Get rid of the federal reserve and it all goes away anyway.