Daily Archives: July 20, 2008

Hey buddy, can you spare a law?

Daily Herald discusses loan-capping from hard-luck-story perspective:

“It’s mainly desperate people and desperate people don’t always do the smart thing,” Alop says. “There are some folks who it works for, but in my experience … 90 percent regret ever doing it.”

How about hard-hitting reportage about the dangers of borrowing over one’s head?  How about asking schools what they do to warn students from their most tender ages?  Or do we say there oughta be a law in true statist knee jerk?

Arlington Heights business owner Bob Griffith [drinker of statist Kool-Aid] balked as soon as he read the letter from a payday loan company demanding that he garnish the wages of one of his employees.

“Is this even legal?” Griffith wondered. “If it is legal, then shame on our legislators.”

is the lede for this story, which quotes a retail lender in its middle:

Sitting in his Cash Now Loans office in a Palatine strip mall, Henry Magiera counters that charge with testimonials from recovering alcoholics, gamblers, cancer patients and others who say they used his service in the last eight years to keep from falling into further financial problems while they got their lives in order.

“My customers are very happy I’m here,” Magiera says. “We’re the last ones on the block who are going to give them money.” [Italics added]

When a bank charges $35 for bouncing a $7 check, “I’m the lesser of two evils,” Magiera says.

As if on a cue, a former customer comes in, thanking him for lending her some cash when she was down.

“This place has always been great to me,” she says.

but devotes the rest of the story to this lending as bad idea, even puffing Dick (Turban) Durbin’s proposed federal legislation “that would cap interest rates nationwide at 36 percent” — as a suggestion by the deputy director of the Legal Assistance Foundation of Metropolitan Chicago.

This after noting the failure of state legislation — “The law only affects loans of 60 days or under, so [lenders] all went to 61-day products,”

Reminds me of anti-gun legislation that fails to eliminate guns in hands of bad guys.  So what?  Let’s have more of it, say libs.

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