Charles Kuffner is a resident of the Houston area. He graduated from Trinity University in 1984. His blog, "Off the Kuff" is "Texas' longest running progressive political blog".
On March 24, 2011 Kuffner published a blog, "It's Way Past Time to Regulate Payday Lenders". This post is about an article taken from The Observer talking about payday lenders and the amount of money they are making off of their clients.
As of right now payday lenders are can be registered as consumer credit organizations and are not regulated, which is why they can charge insane amounts of interest on the loans they give to people, up to 500%. Tom Craddick, a former Speaker, feels that these loan places need to be regulated. He feels that it is terrible what they are doing to people that are clearly already in need. Many people at the meeting shared Craddick's sentiment. The payday lenders feel that they would go out of business if the House passed bills to cap the APR at 135%.
Charles Kuffner states his opinion very clearly in his blog when he writes, "Cry me a river, dude." Kuffner feels like if the loan operators can't keep their business afloat charging up to 135% APR then they don't deserve to be in business. Charles is trying to reach out to people that have been ripped off by payday loan places or people that are just wanting to put an end to payday loans sucking the life out of people who don't have any other options. He has provided enough information in his post so that anyone, including myself can agree, that these payday lenders are out of control.
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