Newspaper article The Tuscaloosa News

EDITORIAL: Something to Agree with Obama About

Newspaper article The Tuscaloosa News

EDITORIAL: Something to Agree with Obama About

Article excerpt

Americans can have their differences, but as fellow countrymen, just about all of us have some common ground.

We've had our differences with President Barack Obama on the Affordable Care Act, foreign policy and taxation. But during his visit to Alabama last week, he touched on a subject on which we can agree with him.

"One of the main ways to make sure paychecks go farther is to make sure working families don't get ripped off," Obama said during a speech at Lawson State Community College.

The president was talking about the payday loan business. The short-term loan businesses have managed to skirt usury laws and charge customers up to more than 400 percent interest based on the annual percentage rate.

Too often, borrowers become mired up in debt, making interest- only payments and taking months to pay off what was supposed to be a short-term loan.

Obviously, there is a market for payday and title pawn loans. The businesses seem to be popping up everywhere. …

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