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.
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!!!!
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.
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.
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.
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.
Found it. OK maybe not a documentary but informative none the less.
https://www.youtube.com/watch?v=PDylgzybWAw
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!!!!
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.
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.
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.
And how will they be able to afford this counseling? Come on Jenny.
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