The Springfield News-Leader has another op-ed on payday lending today.
The author, Ryan Cooper, has a great anecdote at the beginning of his article (it just goes to show you how an actual writer — i.e., someone other than me — can spin the same concept with better words). He points out how his decision to use a payday lender to avoid bouncing several checks when he fell on some brief hard times ended up saving him more than he would have paid in bank fees (not to mention the damage to his credit report) had he done nothing. He correctly points out that the interest charged by payday lenders is no more usurious than the "fees" of traditional banks and that "the free market should decide the appropriate price to pay for speed and convenience."
It goes to show how well-intentioned politicians’ attempts to micromanage personal decisions are not always in their constituents’ best interest. Why not let people choose for themselves? Is it so much to ask that our legislators respect the decency and the intelligence of the individual?
