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Loan regulations insufficient

Thanks, Deseret Morning News, for the series on payday loan sharks. My wife and I first became aware of these people when our neighbor, a Hispanic single mother of seven, disclosed that she was paying on a loan with a 2 percent-per-day interest rate, translating to an annual rate of over 700 percent. We were flabbergasted that anyone in Utah County would take advantage of another person's desperate situation in such a way. Over the last two years, we have watched as these businesses have multiplied like brightly colored — but deadly — mushrooms all along State Street in Orem. A year ago, we wrote a letter to our state senator explaining our concerns about this exploitation of the poor. He wrote back to say that he was satisfied with the current regulations the Utah Legislature had placed on such businesses. We are not. And we are still waiting for representatives with courage enough to stand up for those who don't have the money or political clout to stand up for themselves.

Michael J. Call