(Ink by the barrel, payday loan spammers – promoted by Colorado Pols)
Today, the Colorado Attorney General's office released its annual report of state payday lending activities. The report, which provides data for 2008, shows that although the overall number of payday loans and total amount borrowed decreased from 2007 to 2008, payday lenders are still profiting at the expense of Colorado consumers.
For more than two years, the Bell has led the effort to reform payday lending in Colorado. Payday loans traps thousands of Coloradans in a devastating cycle of debt, and across the nation, reform efforts have resonated with the public, resulting in significant changes in law. In Colorado, though, getting through to some legislators has been difficult.