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.
(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.
This report analyzes data from the Colorado attorney general and explains how payday lending harms working families. The report explores other options and shows that other states and the Department of Defense have applied restrictions to make the loans more fair.
Baker, RobinJones, RichMcGregor, HeatherNicholson, IsabelWaterous, Frank
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