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The people affiliated with the payday loan industry made amusing thousands of dollars donations to Sen. Christopher J. Dodd. I am sure it has to do something with their ongoing bill on – Capitalizing annual interest rates of consumer loans at 36 percent. Moreover, Dodd is the chairman of Senate Banking Committee.
Pawnbrokers and other businesses, which provide high-interest loans to even people with bad credit ratings, have also donated around $44,000 to Dodd. The members and political action committee of the National Pawnbrokers Association, contributed $10,000 from their part for this. You can see their interesting “talk points” section from their website.
Payday loans business is often subjected to criticisms that it preys on low and middle-income workers, with big amounts of interest and traps them in a stack of debts, which they will never be able to repay.
Lets see how Dodd, who has become a hero among consumer groups for his fight against predatory credit card providers, will tackle the situation.