Friday, October 5, 2007

The following is an editorial from The News-Leader…

Missouri is second only to the state of California in interest paid to payday loan “sharks.” By allowing people to take out repeated personal loans to pay off their original loan, the actual interest rate mounts up to nearly 2,000 percent.

There are more payday loan businesses (cash advance type loans) in Missouri than McDonald’s. The states around us have no rollovers allowed. What is wrong with the Show Me State?

Young men are fighting for their country. Their families struggle with lower income. The good old legislature passes a law that payday advance lenders can only charge soldiers 29 percent, when 50-20 percent would be appropriate for all citizens.

We already pay 30 cents out of every tax dollar for services to our people. We will be paying more if we allow the payday lenders to push the poor and vulnerable further down into poverty.

Is the light bulb on in the attic; is anybody home at the legislature?

Everybody wants to change the world? This is your chance. Start today — call/write your legislator. Do something about no fax payday loans.

This entry was posted on Friday, October 5th, 2007 at 2:15 pm and is filed under Missouri.