Archive for November 9th, 2008

payday-loans-180-1-758439

by problembear

just like president elect Obama, there is little time for his supporters to savor the unprecedented sea change which this country has gone through in the last week. we must hit the ground running to solve many of the problems which locally effect us as well. my pet peeve is payday loan businesses. they prey on montana’s most vulnerable financially strapped citizens. from elderly to youth making minimum wage; from the poorest of the poor working class to the middle class, payday loans, while tempting, usually only make situations worse with 650% interest rates (currently allowable under montana law) which usually create a trap for those unable to pay them back within the original two week pay period.

fortunately, there are many citizen groups working on this and we hope to pass legislation in the upcoming winter session of the Montana legislature scheduled to convene on Jan 5, 2009- just seven short weeks away.

these groups need your stories about friends family or yourself in dealing with payday lenders. please consider sharing them with us here or just drop by my webpage to leave your story. each change we make this year could make a big difference for families living on the edge. if you would like more information on this proposed legislation there is a group in Billings who has approached potential sponsors of a bill to bring these lenders in line with other states who have passed similar legislation. Oregon has a bill which seems to work for both the industry and the people who need their services. finally, if you feel like me that the greed and predation which has occurred accross this country over the past 8 years needs to end, please join us in contacting your state representatives and letting them know that payday lending needs to be curbed and regulated in Montana. if you or someone you know has been effected by payday loans, please consider sharing them with us. your identity will be kept private as always. thank you.

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