Regulations Targeting Payday Lenders Won’t Solve Financial Problems
By Calvin Harris II
The nation’s current economic crisis has made it difficult for even dependable borrowers to get credit. Recognizing that some people facing their own fiscal challenges may find quick-fix options to be attractive, the Saint Louis Board of Aldermen is debating a proposal that would restrict the opening of new payday loan firms and check cashing operations near schools and residential areas throughout the city. The plan would also prohibit new stores from opening near existing operations of this type.