Center for Responsible Lending Brief, 36% Cap and Financial Recovery

This is an interesting read.

A 36% cap on high-cost loans promotes financial recovery....

linky.

Very nice. Thanks for posting that. Let's keep our fingers crossed!

Most interesting was the large percentage of people who are forced to close their bank accounts just to protect themselves from these Payday loan sharks. The only thing that makes them better than the Mob (or any such group of organized crime) is that they don't kill people for debt. 1000% interest is criminal, as far as I am concerned, even if allowed by law.

In fact, this should get the attention of the banks, too, especially those that are less than understanding of their client's financial difficulties that are caused by these vultures.

chrys