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News » Credit group opposes payday loan rules
Feb. 19, 2010
There's a new warning for state lawmakers about cracking down on payday loans. It comes from Wisconsin Consumer Credit Counseling services in Sheboygan.
Director Ken King says regulations being slapped on payday lenders amount to a restraint of trade that will actually hurt consumers.
He says it's taking an option away from people who have a low or moderate income, and are looking for a short-term loan. As an example, King says, they may need to pay off car repairs so they can get to work.
The Assembly has passed a bill limiting loans to $600. There's a plan in the state Senate to impose a cap on interest rates, which currently can exceed 500 percent. |
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