There are many different ideas about what payday loan debt solutions should be.
Experts claim they lead to huge interest rates that put the borrowers in the poor house.
Some legislators and groups think the only solution for management of payday loan debt is eliminating the loans all together.
Others say the best way to manage the debt is to regulate the payday loan companies similar to how the banking system is regulated.
Even The Crunchy would like you to believe that they’re fine the way they are and should be left alone.
Oh the many opinions!
Lets take a look at what kind of regulations they have now and see if they are regulated enough or if they should indeed be eliminated?
Payday loans in the United States
Now lets also take a look at our state by state payday loan laws page.
Well, after reading all of that it seems most states handle payday loans in their own ways and it varies considerably from state to state.
One thing is for sure, they amount to a whole lot of confusion.
Add in completely different online payday loan regulations and it becomes a real mess!
One would think that it would be so easy if all the states could agree on a uniform set of regulations but this is unlikely to happen anytime soon.
After doing some research we found out just how much money is used to influence our elected officials when it comes to passing or not passing payday loan legislation.
This leads to long drawn out fights in court over how to regulate these companies.
So they continue to do business and make millions.
Take a look at this interesting report from 2008 that shows how bad things can get with these loans, and it has gotten much worse in recent years.
The payday loan industry is almost impossible to stop or even slow down.
They are too rich and too powerful and they buy off our legislators. This gives them all the power they need in passing favorable laws and preventing any kind of new regulations.
All they need to do is give to a select election campaign and they are in.
But there are people who think it would be worse without these loans and defend them. They claim people would suffer more if they did not exist.
Here is a pretty good debate on the pros and cons of payday loans.
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We here at Help With payday Loan Debt deal with the reality of out of control payday loan debt every day and we have heard all the horror stories you can imagine and then some and we believe the only good payday loan debt is no payday loan debt.
We have made it our mission to help people with out of control debt and we will keep helping people until these loans no longer exist!
This will put us out of a job but that will be fine with us, as long as nobody else will need to suffer this kind of a trap.
I hope we gave you some options on the kinds of payday loan debt solutions there are available today!