Team Steve!

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8 comments ↓

#1 LJL on 12.05.14 at 8:02 pm

Payday loan sharking is absolutely the single worst scam ever perpetrated on the poor.

With that said, any bill to curb it will be DOA. I watched a documentary about this industry and attempts in other states to curb it. Extremely hard to regulate. T Denny will be pouring money into efforts to stop it as well.

#2 LJL on 12.05.14 at 8:09 pm

Found it. OK maybe not a documentary but informative none the less.

https://www.youtube.com/watch?v=PDylgzybWAw

#3 Kevin on 12.06.14 at 8:50 am

Freedom of choice (to own a gun, to have an abortion, to marry who I want, etc) for these two only seems to apply to on things they like. Steve and Steve, I am a big boy now, I can make my own decisions. Stay the hell out of my personal life! INCLUDING MY BORROWING DECISIONS!!!!

#4 Voter on 12.06.14 at 11:25 am

You miss the point.

Hildebrand and Hickey intend to use the initiative process to get this on the ballot in 2016.

I have no doubt they will be able to collect the required number of signatures.

The people of South Dakota will make this decision.

#5 LJL on 12.06.14 at 7:18 pm

Another aspect of this is video lottery. I would be willing to bet if you followed the money, a lot of it winds up in those machines or the machines got them in the money bind to begin with.

I would tend to agree with you Kevin, but to many have too little self control or a basic grasp of finances. In the same aspect that you legally cannot serve a person who is already over served, interest should not be anymore than 30%. There would be an outcry if the gas industry declared all pickups must pay double. Why should people who depend on credit pay 400% more.

#6 JeniW on 12.07.14 at 6:06 am

It is not just the poor who use the payday loan business.

What I think should happen is that when someone wants to get a loan through one of these businesses, he/she should be required to wait 72 business hours (not to include weekends,) receive financial counseling, and provide proof of counseling before they can apply for a payday loan.

#7 LJL on 12.07.14 at 12:21 pm

And how will they be able to afford this counseling? Come on Jenny.

#8 Poly43 on 12.07.14 at 12:48 pm

Payday loan sparking is bad, right along with fee harvesting credit cards. t denny may pour money into it, but for one reason. Sanford wants a monopoly on scams.

Another YouTube video all about first premier bank card and its ilk.

https://m.youtube.com/watch?v=bwUL_1K7-Iw