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Several Community Organizations Say They Are Disappointed With Decision Not To Hold Public Hearing Over Interest Rate Cap

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By Paul Johnson

Boise, Idaho (KMVT-TV) Community organizations including the Voice of the Poor committee associated with St. Vincent de Paul, Idaho Community Action Network and Debt reduction services said they are disappointed over a decision not to hold public hearings on House Bill 470. That bill would cap the amount of interest payday and title loan companies can charge their customers. The Groups Spokeswoman, Terri Sterling said, “What this means for the community is another year of families trapped in predatory loans with interest rates at more than 400% APR. For Sharon Mc Williams, a disabled senior from Garden City this means a year of paying interest only. On a $200 loan, she will pay more $480 over the next year and never pay off the principle. McWilliams states, “I don’t know how to get out of this trap; it’s all I can do now just to pay the interest each month.”


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