I would like to respond to Mr. Lawson’s editorial regarding payday loans. I agree with 90 percent of what he wrote. Payday loans are a big money trap, in which people continually take out new loans just to pay for old loans. It’s a very bad downward spiral. Several years ago, I did a college research paper on the subject. The statistics of how these loans cripple people financially is alarming! With that being said, placing the blame on lawmakers for lack of enforcement is misguided. The lawmakers did what they needed to do back in November 2010. But it was the lawyers who write up these laws for Congress that truly dropped the ball. Literally within days of the bill being passed by voters, the lawyers representing payday loan companies quickly found an easy loophole to the verbiage of the new law. They had it figured out before the compliance period ended, and these loan companies never missed a beat. It was business as usual. Before any type of enforcement to what the voters agreed on can be done, the law needs to be revised or re-written.
Robert Joseph Storm