Move To Pull Consumer Protection Rule Heightens Debate Over Payday Lending

Feb 2011
16,886
11,250
The formerly great golden state
#11
Like pot and speeding, then, outlawing it won't end it. Usurers have been around since ancient times, and are likely to stay around for some time to come.

So, is making it legal an endorsement of the practice?
 

Babba

Former Staff
Jul 2007
74,830
64,925
So. Md.
#13
I've always been in favor of the USPS offering affordable banking. And the predatory lending that is legal today is shameful and should most certainly not be legal.
 
Oct 2014
31,121
5,504
C-A-N-A-D-A-Eh
#14
Like pot and speeding, then, outlawing it won't end it. Usurers have been around since ancient times, and are likely to stay around for some time to come.

So, is making it legal an endorsement of the practice?
IMO, yes.

However, making it illegal will create the street level loan sharks, which creates a different set of problems.
 
Mar 2012
55,301
36,843
New Hampshire
#15
Decades ago when I worked for Ford, they used to allow you to get prepaid pay up to 2 months with no interest. It was supposed to help you if you had an unexpected emergency. It was a decent thing but it sucked because you didnt get paid as usual so people had to be very careful and make sure it was a last option.