Payday ballot measure would cost Arizonans $149 Million
Over 700 payday lenders across the state of Arizona charge up to 459 percent annual interest on loans that trap their customers in long-term debt, finds a new report from the Center for Responsible Lending. A ballot measure on which the payday lending industry has spent $9 million so far to market in the state as "reform" would only reduce the interest rate to 391 percent, and cancel the 2010 expiration of an exemption for payday lenders from the 36 percent cap that covers other lenders. "Proposition 200 is not real reform,´ said Attorney General Terry Goddard, announcing his opposition to the