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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
I know Wisconsin has laws on the book regarding payday loan stores.
http://statehousenewsonline.com/2010...new-2011-laws/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.
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 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.
Insanity should be defined as trusting the government to solve a problem they caused in the first place. Please do not go insane!
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.
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.
Get rid of the federal reserve and it all goes away anyway.
9/11 Thermate experiments
Eze 22:25 There's a conspiracy of prophets within her....
"I am so %^&*^ sick of this cult of Ron Paul. The Paulites. What is with these %^&*^ people? Why are there so many of them?" YouTube rant by "TheAmazingAtheist"
"We as a country have lost faith and confidence in freedom." -- Ron Paul