The War Continues
Payday Loan Legislation
As the payday loans debate continues, opponents continue to propagate many myths concerning the integrity of the payday loan industry and their effect on society. As a bystander, the back-lashing can raise quite a bit of concern. But do local, city and state governments need to be involved?
Opponents are trying to force caps on the interest rates of these payday loans companies, saying that payday loans for people into a cycle of debt that they cannot get out of. If there goals are met, the maximum allowed annual percentage rates (APR) will be so low that many will have to shut there doors, causing the loss of an untold number of jobs and local businesses. Now, from the customers perspective lower interest rates may sound good, but not at the risk of loosing a service that they would rather keep.
Power to the People!
Recently in Ohio, over 400,000 voters signed a petition against recent legislation opposing the payday loans industry. Hows that for a support group?. These voters did not necessarily all use payday loans but they were very aware of the precedence that this sort of legislation would establish.
Our Right to Choose
As Americans we have the right to choose how we spend our money. There is no need for government intervention in the affairs of the people unless it becomes a civil matter which can then be judged in a civil court.
Bad Business Will Destroy Itself
Bad business will destroy it’s self. Unsatisfactory customer service and business practices will do naturally what expensive legislation has to do by force. The payday loan industry if as scandalous as opponents suggest, will be forced to regulate itself or simply go out of business.
Let American’s choose, if we don’t like payday loans, we won’t use them.
Regardless of whether or not an individual likes or agrees with the payday loan industry, we should preserve our right to spend our own money in the way we see fit, we are are adults, we can make our own financial decisions, and we can face the consequences of those decisions.
The right to choice is a fundamental freedom of American society. Limiting our freedom of choice outside of banks and or credit cards is nothing short of authoritarianism; a fascist state run by the executive class with the expressed purpose of controlling the working class by means of an endless cycle of debt. This would be George Orwell’s worst nightmare.