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How Will Payday Lenders Be Affected by New Bill in Congress?

Anyone not living under a rock understands that it's preferable not to take a high interest rate loan unless there is a genuine NEED. The problem is, there are many people that do need these loans to meet their obligations.

If your choice is to take a high interest loan, or not eat for a week, what would you do? How about face eviction? Legislation that will reduce available credit for these situations will only hurt the people that it is supposedly designed to help.

Personally, I'd prefer to see people using services like prosper.com, as well as some more transparent industry codes of conduct. But the legislation is still a bad idea.