Fight Looms on Payday Loans
Posted by Chap at 1/18/2008 8:27 AM and is filed under uncategorized 
I typically get back to my row house on Grove Avenue about 9 pm every night, then watch enough TV to forget about the day's work (excellent OT victory by the Caps last night).
Ironically for me, TV networks in Richmond are being inundated these days with ads asking viewers, including presumably legislators, to save the payday loan industry in Virginia.
In 2002, I was a freshman Delegate flying by the seat of my pants. We were presented with an "industry bill" that didn't seem right to me. Essentially, it did away with Virginia's usury law in order to permit short-term high-interest loans to people with poor credit.
Umm, isn't that what the usury law is supposed to prevent?
I was one of a handful of Delegates to vote against the laws creating the payday industry in 2002. But the issue hasn't gone away.
The payday industry is now ubiquitious in Virgina. Vendors are everywhere in Richmond. The ads are everywhere. Somebody is making a lot of money. Why do we have this situation?
We have already have a redistributive scheme (the lottery) that takes money from people based on a dubious investment return. At least we can justify that by saying that the profits are dedicated to funding public education. Here, there is no public benefit.
I have friends on both sides of this issue. I also understand that adults can usually make a choice in their best interests. However, I remain a vote to rid Virginia of loans that exceed the usury cap, which is already 36% APR. That is a reasonable limit to me.
Debtors seeking those loans don't need credit; they need a new direction.
.
Stop meddling with freedom.
"Stop meddling with freedom?" Really? Hey, let's do away with laws against theft, then. Why shouldn't I be "free" to just take stuff that I want?
Seriously, even the lottery is ethically dubious. Should we be funding education by preying on people who can't do math?
Chap, you should definitely check out a VCU Rams game at the siegel center at least once! Its always a great time.
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Charging people APRs of 390% or more is outrageous! I have no problem with loaning people money when they need it, but stealing them blind is way over the top and inexcusable. We have to rein in this despicable practice.