Warren Bolton
“There is no reason for this state to allow its people… to be lured into a cycle of debt from which they can’t recover. These predatory lenders should not be allowed to charge absurd interest rates. I understand some people are higher-risk borrowers and it’s only right for lenders to be able to charge them a higher rate. But should that higher rate be triple digits? Being a high risk shouldn’t mean you have to become an easy mark for legalized loan sharks.”
In an editorial, Warren Bolton said that the interest rates of deferred presentment loans were too high and that South Carolina Governor Mark Sanford should not stand in the way of attempts to restrict the payday loan business…
Bolton mentioned that Governor Sanford was not fond of payday lending but wondered if legislators had the courage to stand up to the powerful payday loan lobby:
“But I’m not so sure our leaders have the courage to take on the deep-pocketed payday lenders who spend lots of money lobbying decision-makers and contributing to political campaigns across the country, including in South Carolina.”
Warren Bolton is an Associate Editor for The State in Columbia, South Carolina.
Source: If He Won’t Lead, Sanford Must Not Hinder Efforts to Rein in Payday Lending by Warren Bolton (The State)
Related Quote: Warren Bolton
Recent Posts:
- 05/05/2009: CompareCashLoans.com Gets a Facelift
- 06/16/2008: Demographic Study of Online Payday Loan Consumers
- 05/26/2008: Daniel O’Sullivan
- 04/24/2008: Update: Payday Loan Laws that Hurt Consumers
- 04/07/2008: Manitoba Public Utilities Board
Random Posts:
- 04/07/2008: Manitoba Public Utilities Board
- 01/08/2007: John Jones
- 06/17/2006: Advance from Employer
- 08/15/2006: Justice Brenda Brown
- 02/27/2007: Phone Before Applying