Wednesday, March 4, 2009

Ever Wonder Where The Payday Lenders Went?

They're still in that reddest of red states, the state that has the highest consumption of pr0n per capita, Utah.

And they're having an eerily-similar discussion to the one we had before our lege got sane and stepped in:

Representative Laura Black (D) - Sandy, introduced legislation to cap the interest on a payday loan at 100%. That attempt died in committee on Tuesday, March 3, 2009 on a party line vote.

The average payday lender in Utah currently charges more than 500% annually! Who takes out payday loans? Those struggling to make ends meet, that’s who. The rich, or even members of the middle class, don’t take out payday loans. Those living paycheck to paycheck and coming up against a medical or other emergency take out payday loans.

Of course, since Utah is still largely Republican, they're going to have a tougher go.

I wonder if they've thrown out the "freedom of choice in financial services" red herring yet?

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