10.08.09 - 12:19 PM
Neither A Borrower Nor A (Predatory) Lender Be
After years of suckering in and ripping off poor people with quick loans bearing insane interest rates of up to 500%, Payday lenders are now pouring money and lobbyists into legislative moves to curb their exploitative practices. With Wisconsin and Colorado considering capping interest rates at 36 percent, and Capitol Hill considering 14 bills to curtail predatory lending, Payday has quadrupled its lobbying budget to over $4 million. Borrowers, beware. And pols, backbone please.
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