Mar 08
19
Andrea Dalessandro, Candidate for LD 30 House, has written an excellent opinion piece on the Stop Payday Loans initiative:
In 2000, many legislators were hoodwinked into allowing payday loans in Arizona. The law is set to expire, or “sunset,” in 2010 but Senate Bill 1239 seeks to postpone the ban until 2012. The leadership of the Legislature is attempting to delay solving the problem.
Payday loans are legalized loan sharking with fees that equal interest of 400 percent to 500 percent a year. My ethical, moral and economic values tell me that payday loans are not a reasonable credit option. If you are not sure about that, do a Google search for the word “usury.”
…Payday loans are predatory lending at its worst and take advantage of working people with limited resources. Seniors and the disabled are emerging as the new targeted customers, according to a Feb. 12 article in The Wall Street Journal.
For more information please visit the Stop Payday Predators Web site at http://www.stoppaydaypredators.com.
