The State legislature in Missouri has given it’s blessing on new legislation introduced to limit payday loan extensions to Zero.
While a ways for becoming law, it is well on it’s way to helping many residents of Missouri who are trapped in the payday loan trap.
If passed, it will make it possible for people to avoid burying themselves in debt by paying incredible interest rates every time they extend these loans.
More and more legislators are getting behind the push to set better limits on these kinds of loans, and it is very encouraging to watch it happening.
As more and more states write bills like this one, there is more and more hope of getting these loans under control.
Problems with payday loan debt?
Sponsored by Sen. Mike Cunningham, A Republican from Rogersville, this bill would eliminate any extensions on payday loans.
This would change the current law that states borrowers may extend one of these loans up to 6 times.
The senate gave the bill its 1st round approval by voice vote.
The bill needs one more yes vote to advance to the State House for approval.
Sen. Cunningham states that this bill would eliminate the payday loan trap situation that exists with the current law.
The main cause of getting stuck in the payday loan trap is by taking out too many extensions, and by eliminating them thus you avoid the trap.
This kind of bill writing is fun to watch.
As our elected officials are forced to take a look at these loans, more will be revealed as far as where their priorities are and who they are really fighting for, you or the loan companies.
With payday loan companies spending millions in backing public officials election campaigns, the pressure is on for these officials to perform in favor of the loan companies.
Who are your representatives looking out for?
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