There’s a bill on Payday loans in South Carolina
South Carolina
If I live in South Carolina, should I look elsewhere to get my payday loans? It looks like I should, that is if I want more than one loan. Taking multiple loans has been banned here by the legislature and the bill also limits the total amount you can get with payday loans of only $600.
This bill, passed in South Carolina, is said to save its people from the loan sharks. But do these payday loan lenders really eat us up? Aren’t we the ones who are throwing in the bait? Would it be proper to blame the lenders alone? Doesn’t the government have any other idea to break the spell of getting into debt? Will just the passing of bills that cut having multiple loans out really solve the problem? Don’t some people genuinely need payday loans to get over the financial crisis and get the much needed respite from their financial problems? How many jobs will be lost?
Wait and watch
All these and many more questions come to mind when we hear of this ban on payday loans. Nobody knows exactly what is going to come out of all this. We will have to wait and watch the results. At least there is one state trying out a different means to save their subjects and thereby their economy. If this would serve the debtors, that would be well and good, but I don’t think that’s what will happen. I think it’s going to make the debtors more desperate.
Just the fact that there are payday loans to rely on in a crisis might have done a world of good to struggling people. There are even some who have never taken a payday loan but the fact that it is there gives them security in itself. There might be people who get into trouble with their wayward spending and there might be people who simply lead a very economic life and still have financial emergencies through no fault of their own.
The Plight of Loans
People take out loans all of the time
There may have been a time when any type of loans was not our friend. People just would not take them for anything. But the times have changed and loans are an everyday happening and a way of life. The popularity of loans is so far and wide now that we get a loan for just about anything. And unlike earlier times, we do not hesitate in getting them.
It has actually reached a point that, even if we have ready cash to buy a thing, we still might not use the cash but would gratefully use any loan facility that is available. That is our right as U.S. Citizens. With bills like what South Carolina has passed, these rights are no longer ours. With the financial crisis and recession looming, everyone needs money. For many of us, the only support available is payday loans. When they are not as easily available, what do we do?
The problem with social crusaders is that they NEVER try to solve the cause of the problem. It’s trying to put a band aid over a bullet wound; you have to treat the disease and not the symptoms. Instead of going after the payday loan lenders, who are fairly supplying a demand, why aren’t they instead insisting that corporate pay be restricted so that the CEO pay ratio is more like 20 to one instead of the usual 200 to 500 to one it is – and, here is a shocker, pay middle class people better so that the amount of debt and payments relative to income drops off? Do you think that just maybe, just maybe, that the amount of money a person or family had to make to survive was lessened, or the amount of pay each person received went up dramatically in that fashion that perhaps there wouldn’t be these kinds of problems? Hey, people could afford to spend more time with their kids, strengthen family bonds, something a lot of people say is lacking in modern society. But that sort of solution would make sense…and that’s against the by-laws!
Isn’t it the supposed “Acceptable” American Finanancial Institutions that have plunged the world into this financial mess with their greedy lending practices?
Only government looking for a scapegoat would pick out one small segment of the lending business and target them for causing devastation for millions of Americans.
My opinion is that the oh so wise members of congress should take a look in their own backyards at their oh so ethical Amercian Banks.
I ask, have they done the economy and the world in general such a great favor, ethical, hmmmm? Ah who should be regulated?