Last Week Tonight with John Oliver: Predatory Lending (HBO)

[Playinghardball]

I Wanted To Send This Lady A Muffin Basket Until I Learned What She Did Less Than A Month Later

Delightful Brit and talk show host John Oliver has little something to say about predatory lending (you know: car title loans, payday loans, and the like). As usual, it's something you should listen to. Pay special attention to the exchange at 7:50 between politician and payday loan chain owner Gary Elkins and Vicki Truitt, a lady I wanted to send a muffin basket to (that is, until I learned what she did less than a month later).

[Half-Century Man]

1. Legislation that kills it completely

Usury interest rate cap at 12% nation wide.
Max return on any kind of loan at all, including all fees, fines, penalties, handling charges and legal fees; is locked at 175% the amount of loan ; ie $1000 loan in default can never exceed $1750, a $300 payday loan in default would be limited to $525 total. No matter how long it took to make complete repayment.