I commend the Kentucky legislature for shelving a loan they did not feel comfortable with. The bill is almost dead.
On a separate note, these consumer groups will never be happy.
For example,
“The real problem is the cost of the loans,” said Rich Seckel of the Kentucky Legal Justice Center, an advocacy group affiliated with Legal Aid.
First, it was the cycle of debt. Now it’s the cost. Let’s face it. They’re disingenuous. They’re not going to be happy until payday lending is unprofitable.
