It's a practice that has long gone un-regulated in Texas, handing out quick loans but for a big price. The business of quick and easy cash is coming under scrutiny as Representative Tom Craddick prepares a bill to regulate the payday loan industry that some say preys on people in desperate situations. "I've never seen where it's been a very positive thing," said Mary Hardin. You see them everywhere; payday lending, quick cash loans and car title loans. All of them are short term with high rates. Hardin's organization, Helping Hands, has seen dozens of families get caught up in them. "You're desperate. You want to keep a roof over your head so the easiest way to do that is a pay day loan." They're often an easy loan to get, but not so easy to get off your back. "The reality is that more than 60% of payday loans are rollovers," said WNB Certified Financial Advisor Mickey Cargile. That means the borrower continues to defer paying off the loan as the company collects on high interest. "On average they can be 400% a year," said Cargile. "I don't want to say they're getting away with anything because they are providing a consumer service and consumers go in voluntarily and take out these loans." Some elected officials in Austin think differently. They're hoping to regulate the industry and cap the high interest rates. The Senate is currently looking at a regulation bill filed by State Senator Wendy Davis, while the House will decide on Rep. Craddick's bill.
Keywords: payday loans, Wendy Davis, Tom Craddick, bill, Helping Hands, Mary Hardin
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