{"id":4902,"date":"2015-02-03T17:20:45","date_gmt":"2015-02-04T00:20:45","guid":{"rendered":"https:\/\/www.newmexicopbs.org\/productions\/newmexicoinfocus\/?p=4902"},"modified":"2020-06-02T10:25:47","modified_gmt":"2020-06-02T17:25:47","slug":"2015-legislature-payday-loans","status":"publish","type":"post","link":"https:\/\/www.newmexicopbs.org\/productions\/newmexicoinfocus\/2015-legislature-payday-loans\/","title":{"rendered":"2015 Legislature: Payday Loans"},"content":{"rendered":"<p>NMiF correspondent Gwyneth Doland is following issues and legislation in the Roundhouse. This week, she is reporting\u00a0on a proposal to cap interest rates on payday loans at 36 percent.<\/p>\n<p style=\"padding-left: 60px;\">\u201cI think it\u2019s very much a human rights issue,\u201d Sen. William Soules, D-Las Cruces said Monday. \u201cWe are charging people exorbitant interest rates on very small loans. It takes money away from those who can least afford to pay,\u201d he said, adding that the money consumers spend on interest is effectively taken out of the economy.<\/p>\n<p style=\"padding-left: 60px;\">Industry representatives say they couldn\u2019t afford to makes the loans at lower interest rates because so many people default on their loans. They say limiting the amount of interest they can charge would put them out of business and drive people to borrow money from unregulated sources online.<\/p>\n<p>\u00a0Read the <a href=\"http:\/\/nmindepth.com\/2015\/02\/03\/payday-lenders-pile-on-lobbyists-for-rate-cap-fight\/\" target=\"_blank\" rel=\"noopener noreferrer\">full story<\/a> at New Mexico in Depth<\/p>\n<p><strong>People, Power and Democracy<br \/>\n<\/strong><em>A reporting partnership between New Mexico PBS, KUNM and New Mexico In Depth<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NMiF correspondent Gwyneth Doland is following issues and legislation in the Roundhouse. This week, she is reporting\u00a0on a proposal to cap interest rates on payday loans at 36 percent. \u201cI think it\u2019s very much a human rights issue,\u201d Sen. William Soules, D-Las Cruces said Monday. \u201cWe are charging people exorbitant interest rates on very small&hellip;<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[487,224],"tags":[],"class_list":["post-4902","post","type-post","status-publish","format-standard","hentry","category-2015-legislative-session","category-legislature-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2015 Legislature: Payday Loans - New Mexico In Focus<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.newmexicopbs.org\/productions\/newmexicoinfocus\/2015-legislature-payday-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2015 Legislature: Payday Loans - New Mexico In Focus\" \/>\n<meta property=\"og:description\" content=\"NMiF correspondent Gwyneth Doland is following issues and legislation in the Roundhouse. This week, she is reporting\u00a0on a proposal to cap interest rates on payday loans at 36 percent. \u201cI think it\u2019s very much a human rights issue,\u201d Sen. 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