Regulating payday loans is tougher than it sounds

This week, President Obama was in Birmingham, and had some words about payday loan places. This industry seems to be under attack, so why don’t they just reduce their rates to more reasonable levels?

I don’t make it a habit, but I have borrowed money from my teenage son when I have been short on both cash and time. Without fail, I repay him the next day plus the $1 he requires. Of course, I could give him the old “roof over your head, clothes on your back, and food in your mouth” routine, but the convenience alone is usually worth it. (follow link for full article previously published in the Montgomery Advertiser 3.30.15).

The opinions expressed within this report are those of John Norris as of the initial publication of this blog. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders, and employees.