In Virginia, there have been a number of legislative fights over predatory lending. Republicans state that the lenders have a right to do whatever they want, and that removing them would create a hardship to those who would ordinarily not qualify for credit. Democrats counter that charging interest rates that add up to hundreds of percentage points per year is usury and predatory, and that the top interest rate should be limited. Republicans counter that if that’s done, the lenders will leave the state. So far, the Republicans are winning. Borrow fifty bucks, owe $300 in two weeks.
Take advantage of the desperate. Is that in the Bible somewhere?
In Virginia, there have been a number of legislative fights over predatory lending. Republicans state that the lenders have a right to do whatever they want, and that removing them would create a hardship to those who would ordinarily not qualify for credit. Democrats counter that charging interest rates that add up to hundreds of percentage points per year is usury and predatory, and that the top interest rate should be limited. Republicans counter that if that’s done, the lenders will leave the state. So far, the Republicans are winning. Borrow fifty bucks, owe $300 in two weeks.
Take advantage of the desperate. Is that in the Bible somewhere?