States target payday lenders and their high rates
PHOENIX (AP) - Struggling borrowers and a growing backlash against payday lending practices have prompted legislatures around the country to crack down on the practice.
In the most severe case, Arizona lawmakers are on the verge of shutting down the entire industry in the state. A law took effect in Washington this year capping the amount of payday loans and the number that a borrower can take out in a year.
And in Wisconsin, lawmakers are locked in a heated battle over whether to regulate the industry. Payday lenders say they are providing an important service, especially in a dreadful economy where people are short on cash.
Detractors say the industry preys on desperate people with annual interest rates that routinely exceed 400 percent.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Most Popular StoriesMost Popular StoriesMore>>
SPOKANE, Wash. - Educators of Spokane rallied together for an increase in pay and fully funded education. Ever since the State Supreme Court ruled that Washington was underfunding schools, educators and administrators have been trying to negotiate finances. Some districts have reached deals, but many in Eastern Washington haven't. KHQ went to the rally for Spokane public schools Tuesday.>>
SPOKANE, Wash. - Air quality in the Spokane area remains at an unhealthy level as of Tuesday night. Officials with the Spokane Regional Clean Air Agency say they are using a series of filters and other tools to measure the air quality index. "What that means is we have a network of strategically placed monitors that are going to capture what the ambient levels are for our entire air shed," said Lisa Woodard.>>