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News From 91.3 KUWS
Attorney General wants action taken against pay day loan stores
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Calls it a parasite business 3/13/2005 |
Wisconsin’s border towns have a large number of payday loan shops. The State Attorney General say it is time to do something about that. Nick Pelletier looks at those efforts.
Wisconsin Attorney General Peg Lautenschlager says there are over 400 of these stores statewide. She says these stores are vultures, although Pay Day loan store operators say they provide a service to people who can’t get quick loans from banks. She hopes to target people who charge 500 or more percent interest. “This is about being decent and fair with the people of Wisconsin. The reality is that the 1000% loan doesn’t help out one poor person who gets that loan all it does is drive that person deeper in debt.” Laughtenslauger would like to limit the interest. “I would like to see Wisconsin enact an interest cap bill that would regulate both the amount of interest payday loan companies can charge and as well put some enforcement teeth into actions that could be taken by the Attorney Generals office on the consumer end if there are misleading practices.” She doesn’t think anybody except owners of Pay Day loan companies would try to lobby legislators to keep these stores open. In Superior, Catholic Community Services is helping people who have spent too much paying these loans back. Catholic Services Director Gary Valley helps people including one who lost her car and house. “She had medical bills and other things that she could not keep up with and went to one of these vendors looking for some possible relief some possible way to pay off some of her bills and just got over her hear very quickly because of the very inappropriate and negative characteristics of these loans which are very high interest rates.” Valley says she is now owns a home and is out of debt.
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