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Report Finds Pay Day Loans Frequently Lead Customers Into ‘Cycle of Debt’

Report Finds Pay Day Loans Frequently Lead Customers Into 'Cycle of Debt'

Hearings today in Olympia will examine two bills from state Rep. Sherry Appleton to manage the industry.

The report's timing coincides with initial legislative hearings today in Olympia in the dilemma of payday financing.

Up for conversation are a couple of bills proposed by Rep. Sherry Appleton, D-Poulsbo, that will manage the high-interest, short-term loans. One particularly addresses armed forces users and one other goals all customers.

Previous tries to manage lending that is payday Washington happen sustained by armed forces leaders, the Statewide Poverty Action system and work unions, nevertheless they have already been mainly unsuccessful.

Appleton stated she hopes her efforts will probably pay down in 2010, despite opposition from various other legislators and industry lobbyists.

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