There was bill here in SC that would reform the way the Payday Lending Industry handles it's customers. Right now it is set up as a trap of sorts. A customer will go in write a check, get cash, and then have to go back by the next paycheck to pay it back with interest. The only problem is, the interest they charge forces most customers into a loop of financial hell. They pay it back but then don't have the money to live off of, so they get another payday loan. Thus forming the viscous circle.
Well the bill was set to limit the amounts the lenders could lend, and the number of times they can get a loan. In my mind the interest charges should have been lowered. But this would have been a start.
However the Labor, Commerce and Industry Committee Chairman Harry Cato (a legislator) has determined that the bill would not see the light of day, basically selling out the citizens of this state. "The Unhonorable" says it is because there is not enough legislative time for this bill. However it has been uncovered that this Legislator has taken over $16,000 from the payday lending for his campaign. So it is no wonder he pushed to kill the bill.
It is politicians like this that make me sick. They are voted in office by the citizens, and they can't even stand up and help the citizens because their strings are pulled by a abusive industry.
That is blood money in his pocket.
Viva Liberty!
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