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Payday lenders preying on borrowers escape crackdown as rules rolled back

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While the debate over how to regulate payday loans continues in Washington DC, states are taking the matters into their own hands. Some have banned payday loans while others have capped annual interest states.

 

The same day that the CFPB announced rollback of the proposed payday loans regulations, Nevada lawmakers introduced Assembly Bill 118, which would cap payday loan interest rates at 36% a year.

 

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just a bill at this time, but hopeful... I heard a local payday loan exec say that cap will close his company. sounds like a plan to me.

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What about all of the predatory tattoo parlors and the predatory 22" rim shops?  Or the predatory electronics stores and predatory car manufacturers?  People will find ways to f up their lives through short-sighted financial decisions no matter what.

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Age old tension between restricting what people can do for their own good v letting people make their own decisions and live, and hopefully learn, from their actions.

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It has always made me laugh at the way the SJW demographic fails to recognize the short-term nature of the loan and the fact that paying $30 for the two week loan beats bouncing checks or being bounced from housing.  Instead they get wrapped up in an annualized rate and decide to pull the rug out from under those who need the assistance. 

 

And as cnc notes, this is simply more movement towards the nanny-state that does NOBODY any good...if a person wants to make what many here would consider a poor financial decision, it is NOT the place of the government to prevent them from taking that action. 

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Think more and feel less.

 

Problem with many people is they make almost all their decisions based on feelings, instead of math, logic, and common sense.

 

Common sense is a flower that doesn't grow in everyone's garden.

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About 20 minutes ago I decided that I was in the mood for predatory pizza delivery.  

 

Uber Eats did the actual preying, and then I used my March Uber credit and put the balance on my Amex Platinum, which has a predatory $550 annual fee.

 

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1 hour ago, cv91915 said:

About 20 minutes ago I decided that I was in the mood for predatory pizza delivery.  

 

Uber Eats did the actual preying, and then I used my March Uber credit and put the balance on my Amex Platinum, which has a predatory $550 annual fee.

 

Dave Ramsey would say you should have used a debit card because only a fool would pay $550 for a pizza.  :lol:

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