Personal Budget Training: Closed

Thursday, June 5, 2008

Closed

A payday loan company closes stores in Ohio after passing a house bill limiting the interest rate they can charge.

Ohio legislators passed a bill capping interest rates on the two-week loans at a 28% annual rate instead of 391% (yes, you read correctly). Less than two months after Cleveland-based Check Into Cash was legislated out of Oregon, the payday loan company announced it will close 93 Ohio locations.

This goes to show that some people should not get access to credit, because they have demonstrated that they cannot handle it, too bad we can't include Congress. With proper personal budget training, you will never have to visit a payday loan stores again.

Labels: Payday Loans