Washington in News Regarding Payday Loans
Washington is the newest state in the news with regards to payday loans. According to the Seattle Times, “The House voted 84-10 early Tuesday to pass a bill that would require lenders to offer extended payment plans to borrowers who get in over their heads. The measure also blocks borrowers from receiving loans totaling more than 30 percent of their monthly income. The bill now goes to the Senate.” Initially there were some provisions that would have limited the amount of interest the consumers had to pay, however that part of the bill was dropped.
Washington adds to the group of states that Leadpile Lead Exchange is keeping an eye on regarding payday lending laws. Some of the other states we are keeping an eye on are AZ, OH, GA and a few others. We will keep everyone updated.
NEW LAW IS A BENEFIT TO LEADPILE AS ANYTHING THAT HELPS THE CONSUMER IS A GOOD THING!
What’s next??? Hotel’s charging too much to book a room? Come on let’s make a bill to stop the ridiculous charges.. Or let’s see, Cell phone companies charging per minute when consumers are going over the plan… Have the senate stepped in when these people are getting charged triple or quadruple their regular phone bill… Car Rental… Rent a car everyday and in less than a year you could have bought the car yourself… Where is bill for this…
Let’s be realistic here. It’s not the lender’s faults that the public is taking advantage of a “Payday Loan” it’s the consumers responsibility. Most are living beyond their means. That’s not a “lender” fault. Sure the fee, is not what the consumer wants, but let’s be real. Nothing in life is free. If you don’t pay your phone bill, the end result is that it is disconnected. Right? Yes, that is correct, does that mean the State should create a bill to allow the end user not to get the “phone bill” shut off because they took advantage of their current plan and now it’s the cell phone’s company that they can’t pay the bill because they charged extra per minute?
The truth is right in everyone’s face. The States are against Payday Lending and it should be a choice. Freedom of Choice to allow an individual to make their own decisions and not to allow the government to intercept.
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