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This legislation would be another federal overreach. States already have the authority to ban payday loans, in fact, in many states today, they are illegal. The same with vehicle title loans. States also have the authority to set maximums for interest rates. The federal government shouldn't have the authority to set these limits.
States that have barred payday lending.
AZ, AR, CT, GA, MD, NJ, NY, NC, PA, VT, and WV .
My home state of Montana has interest rate limits set into state law. The problem here is that they exempted multi state banks from the limits.
Legal Maximum Rate of Interest15% annually by written agreement or 6% above the Federal Reserve's prime rate (31-1-108).Major ExemptionsRegulated lenders (31-1-112; 31-1-111); transactions between merchants (31-1-112); Nationally-chartered banks.Penalty for Usury (Unlawful Interest Rate)Forfeiture of double the interest received (31-1-108).
There isn't anything stopping anyone of us from starting a campaign in our home states to demand a cap on interest rates. This is a state rights issue.
Actually, most poor people shouldn't be offered credit outside of student loans, as they won't be able to pay their debts off without squeezing the rest of their finances to zilch. At least with a student loan, if they choose a good major and pass, they can get a job with a higher income
I agree. Let’s ban all the poor people from accessing any loans. It’s for their own good!
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,604,784 times
Reputation: 9169
Quote:
Originally Posted by lifeexplorer
I agree. Let’s ban all the poor people from accessing any loans. It’s for their own good!
You're being facetious now, you don't squeeze blood from a stone. Which is exactly what you do when you give a loan to people with the least ability to repay and charge them such a high interest rate that they can't afford the payments
Last edited by FirebirdCamaro1220; 05-16-2019 at 04:13 PM..
You're being facetious now, you don't squeeze blood from a stone. Which is exactly what you do when you give a loan to people with the least ability to repay and charge them such a high interest rate that they can't afford the payments
I am not. Since they can’t make sound financial decisions, maybe they shouldn’t be allowed to have children too. We all know bad financial problems are generational. Also how can we be sure the children won’t suffer?
I am not. Since they can’t make sound financial decisions, maybe they shouldn’t be allowed to have children too. We all know bad financial problems are generational. Also how can we be sure the children won’t suffer?
"The evilest things politicians do is propose legislation that hurts the very people they claim they are helping"
Sounds like Trump and his tariff war. How many Americans will it hurt. The answer is most.
Actually, the opposite is true. Sure, some minor rearranging of commercial relations, but in the very near future, things will start improving, but time. You can avoid the tariff entirely by not importing from China, or not purchasing their merchandise. Simple.
It is kind of humorous to hear all this talk about the poor,borrowing money etc.
In 1956,was hired by Telco for $1.00 per hour,there was no credit,you had to get co-signer to purchase and 20 percent down for home or car,the car was not an issue,my first was a 1934 Ford,purchased for$75 and average price than $50.
Got my first home making $1.50 and had $100 to my name,lied to the bank about the rest of the 20 percent.
Life than was simpler and more enjoyable than today.
There were 5 of us,mother died when I was 2,strep,father at age 5,heart.There was no welfare then,hand to mouth,pretty much lived off the land,plowed with a 25 Maxwell,had chickens and a cow.
Location: Live:Downtown Phoenix, AZ/Work:Greater Los Angeles, CA
27,606 posts, read 14,604,784 times
Reputation: 9169
Quote:
Originally Posted by lifeexplorer
I am not. Since they can’t make sound financial decisions, maybe they shouldn’t be allowed to have children too. We all know bad financial problems are generational. Also how can we be sure the children won’t suffer?
Let’s ban them. It’s for the children.
No one is talking about banning loans to the lower income, just banning higher usury interest rates
It's up to the discretion of the lenders if they still want to lend or not
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