MY TURN: Lawmakers need to reform predatory lending practices
WMC-TV General Manager Lee Meredith
Memphis has sometimes been tagged as the "bankruptcy capital of America."
The nickname may hurt, but in fairness, we have been able to earn it in part because of Tennessee's lax laws governing the credit industry.
I'm talking about car title loans, tax refund anticipation loans, payday loans and the like. There are people who are trying to reform state laws in our region, but there are also powerful lobbyists working to keep poor people under the thumbs of their creditors.
A Memphis group has helped to write a new proposed law that would limit the interest and fees that could be charged for car title loans. We support this and any other sensible efforts to enact reform. It is reasonable that people who are poor credit risks should expect to pay more to get a loan, but this is also an appropriate area for government regulation.
Unfortunately, the world is full people who have no problem preying on those of us who are down on our luck.
That's my turn. Now it's your turn. To comment on this editorial or anything else, email email@example.com or call 800-465-1210.