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How would you like to borrow money at an interest rate of 500 percent? Does that sound like a raw deal? It does to me, and that’s why I’m happy to see some lawmakers in Madison taking steps to institute common-sense limits on the interest rate imposed by payday loan stores. Wisconsin is one of only a few states in the country that does not impose a cap on the interest rate on consumer loans, after the State Legislature repealed an 18 percent interest rate cap on consumer loans in 1995. Sho

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Random Feed wrote an interesting post today on
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I was very heartened to read the article in today’s Capital Times detailing efforts by activists and state lawmakers (specifically Rep. Gordon Hintz, D-Oshkosh) to put the kibosh on predatory lending practices at payday loan businesses. It is, in my opinion, one of Wisconsin’s dirtiest not-so-secret truths that we currently have practically no regulations in place for these operations. When “the Legislature in 1995 repealed what was then an 18 percent interest rate cap on consumer loans,” the

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Random Feed wrote an interesting post today on
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“Payday” loans are up front loans secured by a weekly paycheck utilized by the poor. The Associated Press: THE INFLUENCE GAME: Payday lenders thwart limits By JULIE HIRSCHFELD DAVIS – WASHINGTON (AP) — “…Congress moved in 2006 to effectively ban payday lending for military personnel by imposing a 36 percent interest-rate cap for such borrowers, and 15 states either prohibit it outright or have similar caps. But the loans are virtually unregulated in two dozen other states,

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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
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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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