Tuesday, February 17, 2009

South Carolina and Payday Loans

There’s a bill on Payday loans in South Carolina

Sunrise, Fort Sumter

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. ... click here to read the rest of the article titled "South Carolina and Payday Loans"

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