Great Arizona author Jana Bommersbach posted her insights on my part in the fight to ban payday lenders from our state. Thanks, Jana.
"GODDARD RIGHT; REAGAN BACKED PAYDAY LOANS. Read the Republic's Sunday "Fact Check" column with great interest. I well know of Terry Goddard's tireless work to control this predatory industry--even if his Secretary of State opponent Michele Reagan couldn't see it. I wrote a column for Phoenix magazine on payday loans in May of 2007 entitled "Loan Rangers."
Pulled a few excerpts of what then Attorney General Terry Goddard had to say--and it's yet ANOTHER reason he should be our next Secretary of State:
...Terry Goddard calls the payday loan industry a “vicious business.” He notes we got them in the first place in the year 2000 because Arizona repealed its usury rules to lure credit card companies to the state. “That move created thousands of jobs, but it made Arizona consumers victims of these extraordinary interest rates,” he says.
If he had his way, he’d follow the lead of California and Georgia, which have banned payday loans completely.
Goddard says he won’t stop fighting to get payday loans under control. “I’m outraged,” he says. “It’s totally ridiculous that Arizona consumers have none of the protections other states have. I’m tired that we allow people to be put in a hole they can never crawl out of.”