On the July 20 front page came a story about the debt problems of Americans. The reason for this is the lack of regulation of the financial sector from the state and federal level.
This market-first policy has led to the creation of the legal loan sharks (payday loan companies) and irresponsibility from lenders and loan takers. The fix of the problem is easy and hard. Pass legislation on the state and federal level limiting the amount of interest that can be charged from any lender (say to six points above prime). Curtail all fees and so called penalties.
We can give stability to America's finances. We just need the will to do so. Write your representatives and make your voice heard. Otherwise the unprincipled sharks will feast upon us.
Micheal F. Enos
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