Random Feed wrote an interesting post today on
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Efforts to rein in the payday lending industry may have stalled in Springfield last month, but the battle in Washington is just heating up. After holding a hearing in April, Rep. Luis Gutierrez will likely bring his Payday Loan Reform Act of 2009 up for a committee vote this session. And there are rumors that Sen. Dick Durbin’s more comprehensive anti-usury bill might be moved as part of a larger finance reform package being assembled by Senate Banking Committee Chairman Chris Dodd (D-Co

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Random Feed wrote an interesting post today on
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Senator Dick Durbin is attempting to limit the credit options of millions of Americans. I for one am outraged, and you should be too. The proposed “Protecting Consumers from Unreasonable Credit Rates Act” will put a federal interest rate cap on all loans at 36% APR. What does this mean to you and me? Well, nothing, unless you have ever needed short-term credit like a cash advance.Credit is a simple thing to understand. For whatever reason, it is almost completely avoided in schools and practical

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Random Feed wrote an interesting post today on
Here’s a quick excerpt
Standing with consumer advocates in front of a Chicago payday loan store yesterday, Sen. Dick Durbin did not mince words about the effect these forms of credit are having on working people across the country. Describing the skyhigh interest rates as “totally out of hand,” he called on Congress to enact his recently-introduced usury reform bill, which would cap annual interest rates for consumer credit at 36 percent. “Whether you’re talking about credit card accounts, whether you’re talking abo

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Random Feed wrote an interesting post today on
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Senator Dick Durbin is on a quest to kill payday loans . His legislation, “Protecting Consumers from Unreasonable Credit Rates Act,” proposes a federal interest rate cap of 36% on all loans. His support for the bill is of course weak and unfounded. Less than 3% of American families use payday loans. I think Durbin should try and find another scape goat for our economic woes. Also, over 90% of repeat borrowers pay their loans back on time. That’s a far cry from bankruptcy. A Clemson

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Random Feed wrote an interesting post today on
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Senator Dick Durbin says some of the interest rates charged by payday loans are “nothing short of outrageous.”

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