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Tuesday, September 18, 2007

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Listed below are links to weblogs that reference District of Columbia Passes Payday Lending Bill:

» Payday Loans Die In DC from Consumerist
In a victory for consumers, Washington D.C. effectively outlawed payday lending today with the passage of the Payday Loan Consumer Protection Act capping lending interest rates at 24%. The bill was the focus of various lobbyist shenanigans, perhaps bes... [Read More]

Comments

Brian

A couple weeks ago I saw a quote from Barry saying that he flipped on the legislation because he feared it would have harsh effects on the payday loan industry and its employee. I recall seeing something to that effect in Washington's City Paper. See also http://www.washingtoninformer.com/ARPaydayLoans2007Jul19.html

John

The foreclosure market appears to be expanding with no signs of relief. The combination of overextended sub-prime mortgage holders and an ominous economic slowdown indicate that this is a trend that is likely to continue for at least the next year. With all the negative news in the wind, should you venture into foreclosures now or wait for the bottom of the market to hit?
http://www.thejohnbeck.tv

Payday Loans

"he flipped on the legislation because he feared it would have harsh effects on the payday loan industry and its employee."

As a person in the Payday Industry, I do believe we need to weed out the pirates, but further legislation needs to be considered carefully.

Donald

The foreclosure market is increasing on its pace and many people are trying to buy the foreclosed homes as they are getting it at less than market value.

Debt Help Review

24% seems like a reasonable cap to me. No consumer should have to pay more than that. The 36% rate that I think I've heard is in most states is ridiculous.

No Fax Payday Loans - David

Payday loans are two week, not annual loans. http://personalmoneystore.com. Usury doesn’t apply to payday lending, payday loans compare favorably to many consumer alternatives, even when expressed as annual percentage rates for two-week terms. The hard reality that even the employed, hard working people sometimes fall short of cash between paydays. Although some are against to this kind of money lending transaction, many consumers are still patronizing it because it’s easy to access. Eliminating credit options only hurts consumers.

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