Monday, October 15, 2012

Share Your Thoughts on Payday Lending

Chris Lilienthal has a new post up on the Pennsylvania Budget and Policy Center's "Third and State" blog discussing a bill that was recently before the PA Senate to legalize high-interest payday lending in the state. The bill stalled, but as Lilienthal notes:

"To be clear, payday lending is not dead... Polls show Pennsylvanians oppose legalizing this type of lending, but out-of-state lenders are not giving up. They will be back next year, advancing payday lending while trying to change the subject, as Mark Price observed last week. But the will of the people - and the editorial boards - on payday lending remains clear: Don't legalize it."

Payday lending is a controversial issue because it is widely seen to be predatory, primarily targeting low-income workers and charging them high interest rates for advances of their own hard-earned wages. The Harrisburg Patriot News is currently conducting an online poll to gauge public support for legalizing payday lending. Click here to lend your voice to the debate.

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