2016 Postmortem
In reply to the discussion: I could never support a democrat who supports loan sharks over poor, desperate people [View all]ismnotwasm
(42,652 posts)Good for you.
Now, I'm someone who has actually used the payday loan system in place of credit cards-it's a long personal story, my husband and I come from poverty--my husband extreme poverty--and, at first, had no idea on how to manage income. We're all good now, more or less.
I can say that stricter and stricter leading rules have been going into effect for several years--especially for people in the military, but restictions are in place for amount to be lent based on income and limits to how many times a year one can borrow.
That being said, I'm glad to see the further crackdown--it's far too easy to get sucked in, but a payday loan has also kept water and lights on during periods of my life. Glad DWS is supporting this, but it's not a deal-breaker for me.
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