Castle Law Office Blog | Missouri & Illinois Bankruptcy Legal Blog

Payday Loans under Attack by the Missouri Legislature

For quite some time, Missouri legislators have been calling for reform of the payday loan industry. It is no surprise, either. Some 10 million Americans are getting payday loans, making the industry boom faster than a fast food chain.

Why are payday loans such a hot topic? Payday loans come with fast due dates and extremely high interest, which only gets higher if you don’t pay it back on time. Statistically, people who take these loans out are led into financial ruin even faster.

In an attempt to curb irresponsible lending and bad individual choices, the government seems to have taken an interest in the payday loan industry. You, however, may want to stay far away. For most, payday loans mean nothing but trouble.

The Financial Institutions Committee allowed representatives from the payday loan industry to present their arguments in favor of the payday loan. The representatives did not, however, discuss the latest bill against payday loans, which calls for more time to pay them back and a substantially lower cap on the interest rate.

If you are in financial trouble, you may want to start researching how much debt is too much and what safe moves you can make to take care of yours. Request a free copy of my Missouri and Illinois bankruptcy book, “Get Out of Debt: Secrets Your Creditors Don’t Want You to Know.”