Independence is boldly taking measures against loan sharks and protecting poor, dumb people from themselves
Independence is boldly taking measures against loan sharks and protecting poor, dumb people from themselves
Hooray for Independence, which is now working to protect their citizens who never figured out how to calculate interest rates. KSHB reports: "The number of quick-loan businesses in the city, from pawnshops to title loans, has increased six-fold over the past 10 years. Independence has enacted a temporary cap blocking more such businesses from opening, and the city is considering a permanent ban. The industry has a reputation for targeting customers who might not qualify for loans elsewhere and charging extraordinary interest rates. Those rates can be anywhere from a low of 342 percent to an even steeper 443 percent annually."
Arguments of personal responsibility aside, I don't think any neighborhood has ever rejoiced at the opening of payday loan in its midst.
ReplyDeleteMany communities across the country are taking actions similar to Independence. I say well done Indy!
I would like to see all of these scam operations disappear - esp in midtown. They prey on the ignorant and the poor and I hope all the people making money from these operations have thier own special room in hell.
ReplyDeleteIf these businesses are outlawed completely (which some people want) what are people going to do who need quick cash? There are a lot of people who - through no fault of their own - may need cash for car repairs or travel to a funeral, medical expenses, etc. The proliferation of these businesses seems to indicate that the demand for them is very real. I think it would be better if we worked on getting the interest rate capped.
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