Released: Filed Under: Stoa Policy
About "APR (NEG)"
Summary: AFF plan would set a national Annual Percentage Rate (interest rate) cap on all loans, including loans previously exempt or using loopholes from state usury laws (like payday lending, car title lending, etc.). This would be a bad idea for several reasons. The APR on payday loans, while high, is far better for the poor than the costs they would incur by not getting the loans and being evicted from their housing or bouncing a check. No one is being deceived by these loans, since consumers understand what they’re signing up for. And they’re not trapped in a cycle of debt as AFF will claim. Most of them are paid off, and the poor are better off with these loans than they would be with any alternative. Shutting down the legitimate small loan industry (which is effectively what would happen with a 36% interest rate cap, for example) would send the poor to illegal loan sharks for small borrowing needs. That definitely won’t make them better off.
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Katherine Baker competed in speech and debate for five years and was blessed with plenty of success, including three consecutive years of qualifying for NITOC in Team-Policy and Parliamentary Debate. She currently coaches Team-Policy at her local club and runs a speech and debate summer camp with other alumni. She has been so blessed by the skills she learned while competing, and seeks to give back to the speech and debate community wherever she can.