Should the payday loan industry be regulated by the government?
Yes, it's a horrible industry
Of course. If a person knew anything about payday loans, they would recognize them as scams. They are an industry that uses bad loans to profit from low income families that usually have to choice but to take these loans, which tend to have astronomically high interest rates. To say an industry as dangerous as this can't be regulated is like saying roads shouldn't be regulated with traffic lights.
If they are breaking the law, charge them, we have enough government regs,
tks Barry. ; )
I'm fairly certain the pay day loan industry is already regulated in my state.
You're better off using a credit card or going to a pawn shop
No. Let people be responsible for themselves. We cant save everyone from their own informed actions. We need less legislation not more.
No, but people really should go do some research before they get a payday loan.
It should be....but it won't be for a long time. It's a predatory business that screws poor people and makes big profits for rich people. In America, we worship rich people and ignore poor people. In politics, poor people don't make campaign contributions, rich people do. So this is what we are left with. Just pray real hard you never fall on hard times and find yourself in such a bind that you borrow money from one of these sharks.
On most things, if the question is "Should ___________ be regulated by the government?", Im probably going to vote no. :)
My thoughts exactly.
So you don't think infrastructure should be regulated by the government. In that case you'd support the removal of traffic lights on the basis they are government waste and hinder free market growth
Ahem, MOST things. Most does not imply all. Sorry.
I think anyone would agree with that. Most things shouldn't, but allowing finance (like payday loans) to go unregulated is what lead to the financial crisis
People need to be more educated about types of loans and what they mean
Sure, but if you've reached the point of needing a payday loan, that greater awareness may not matter.
Idk, good personal finance knowledge could prevent it in the first place