We at the Bell have been working for several years to reform payday lending in Colorado. We can talk about the problem in terms of interest rates and fees, the average number of loans or the prevalence of same-day-as-payoff loans. Yes, we know the numbers and all the statistics.
But we never forget the real reason we are trying to change this law: These loans are predatory products, and they hurt people. And it's not just the borrowers who get hurt -- the rest of us pay a price and our economy suffers when people are deprived of the opportunity to succeed.
