New Proposals To Rein In Payday Loans Show Why Unscrupulous Corporations Want You To Hate Government

I've got two quotations I'd like you to consider, one from someone you know, and one from someone you probably don't. The first is from Ronald Reagan: The nine most terrifying words in the English language are 'I'm from the government, and I'm here to help.' The second remark is from Trudy Robideau. It describes her experience with so-called payday loans, i.e., short term, high interest loans designed to help people with a financial emergency who are between paychecks. Ms. Robideau needed to repair her car and borrowed $800. When it came due, she paid a fee to extend the due date. Eventually, she ended up taking out a new loan to pay back the old one, beginning a vicious cycle similar to the...