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Supporters of pay day loan limits point out new information

Supporters of pay day loan limits point out new information Advocates for pay day loan reform utilized the report at a property Commerce Committee hearing to straight right straight back Rep. Ted James' proposition to cap payday advances' yearly interest at 36 per cent. They argued the report shows exactly just exactly how lenders that are payday that offer short-term loans with a high rates of interest, trap individuals directly into debt. "this can be a long cycle that is vicious of," stated James, D-Baton Rouge. But that did not sway the committee, which voted 10-8 against James' proposition. Opponents…