Payday loan business

I applaud Jay Nixon’s idea of reform to the payday loan industry.

My question: Has there ever been a study to chart the relationship between Missouri’s beloved casinos and lotteries and the explosion of the payday loan industry? All three are predatory, harming low-income people’s finances.

The difference is that the state receives many benefits from the lotteries and casinos. If that was the case with the payday loan business, I doubt reform would be called for.

Do the study first, and then get rid of them all. Chuck the bingo halls as well.

John Thiel Jr.
Kansas City

Comments

[PDLGuy2]

A correlation between gambling and payday loans? That's as ridiculous as it is unprovable.

As for the comment, "The difference is that the state receives many benefits from the lotteries and casinos. If that was the case with the payday loan business, I doubt reform would be called for."

Uh....the state does benefit.... mightily. It's called business and income taxes.

[Engineer]

Putting the Payday Loan people out of business won't end the problems and needs that were esponsible their existence. Putting them out of business may result in under the table dealings and even more unfavorable interest rates.

[Moral City USA]

Mr Thiel, your mostly right. Payday loans have little lobby influence. That's way they are easily bullied by politicians looking to make a name for themselves. You have to remember that Nixon (nor any other politican) is not looking our for you. They are looking for easy targets to bollister thier own career.

[Joe Barone]

I too applaud Nixon's effort. Also, I suspect that if it could be studied, there is some correlation between the rise of casinos and of payday loans. Casinos are probably at least one factor in the increasing poverty level in this state. Of course, nowadays, you can find casinos on line.