Comments on: Should The State Protect You From Making Bad Choices ? http://www.thelibertypapers.org/2007/01/21/should-the-state-protect-you-from-making-bad-choices/ Life. Liberty. Property. Defending individual freedom and liberty, one post at a time. Sat, 21 Nov 2009 03:11:50 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: Below The Beltway » Blog Archive » Good News From Richmond http://www.thelibertypapers.org/2007/01/21/should-the-state-protect-you-from-making-bad-choices/#comment-10822 Below The Beltway » Blog Archive » Good News From Richmond Wed, 07 Feb 2007 17:10:52 +0000 http://www.thelibertypapers.org/2007/01/21/should-the-state-protect-you-from-making-bad-choices/#comment-10822 [...] wrote last month at The Liberty Papers about efforts by Virginia legislators to regulate the payday lending industry.  Today comes news [...] [...] wrote last month at The Liberty Papers about efforts by Virginia legislators to regulate the payday lending industry.  Today comes news [...]

]]> By: jay http://www.thelibertypapers.org/2007/01/21/should-the-state-protect-you-from-making-bad-choices/#comment-7555 jay Mon, 22 Jan 2007 21:36:00 +0000 http://www.thelibertypapers.org/2007/01/21/should-the-state-protect-you-from-making-bad-choices/#comment-7555 Brad is right; the need for short-term cash won't go away, even if payday lenders are forced out of business. Then, borrowers will go to the Internet, with no regulation or safety net for consumers. Lenders who abide by the law (and self-imposed industry standards) are a better option for consumers than having no choice but to go "underground" for cash. If we let government legislate away anything that has risk potential, there wouldn't be many businesses left. And yours may be the next to go. Brad is right; the need for short-term cash won’t go away, even if payday lenders are forced out of business. Then, borrowers will go to the Internet, with no regulation or safety net for consumers. Lenders who abide by the law (and self-imposed industry standards) are a better option for consumers than having no choice but to go “underground” for cash. If we let government legislate away anything that has risk potential, there wouldn’t be many businesses left. And yours may be the next to go.

]]> By: Atlas Blogged http://www.thelibertypapers.org/2007/01/21/should-the-state-protect-you-from-making-bad-choices/#comment-7371 Atlas Blogged Sun, 21 Jan 2007 17:18:52 +0000 http://www.thelibertypapers.org/2007/01/21/should-the-state-protect-you-from-making-bad-choices/#comment-7371 <strong>Regulating Payday Loans</strong> Doug Mataconis tackles an issue at the Liberty Papers that I've been meaning to write about all week. The Virginia General Assembly is considering a repeal of the Payday Loan Act of 2002, which legalized the short-term, high-interest loans commonly... Regulating Payday Loans

Doug Mataconis tackles an issue at the Liberty Papers that I’ve been meaning to write about all week. The Virginia General Assembly is considering a repeal of the Payday Loan Act of 2002, which legalized the short-term, high-interest loans commonly…

]]> By: Brad Warbiany http://www.thelibertypapers.org/2007/01/21/should-the-state-protect-you-from-making-bad-choices/#comment-7365 Brad Warbiany Sun, 21 Jan 2007 14:29:06 +0000 http://www.thelibertypapers.org/2007/01/21/should-the-state-protect-you-from-making-bad-choices/#comment-7365 I had a friend in college who regularly used these services... Pretty much each paycheck went to pay his previous loan, at which time he took out a loan on his next paycheck. It was pretty ugly, because the fees and interest were taking a hefty chunk of each check. But what happens if these places are legislated out of existence? Do these folks go back to the loan sharks? I think their collection methods are a little more draconian than payday loan companies... I had a friend in college who regularly used these services… Pretty much each paycheck went to pay his previous loan, at which time he took out a loan on his next paycheck. It was pretty ugly, because the fees and interest were taking a hefty chunk of each check.

But what happens if these places are legislated out of existence? Do these folks go back to the loan sharks? I think their collection methods are a little more draconian than payday loan companies…

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