News Article Details    Date: 04/09/2008 The Great Debate: Should Payday Loans Be Banned? Over the past few years there has been a large debate amongst many people. The government has gotten in on this as well. Should payday loans be an industry that is completely banned? This is definitely something that people are thinking about and there are some positives and negatives to a potential banning of this industry. Let's take some time out and truly become more aware of this situation. The following are some reason why payday loans should be banned, as well as some information on why they should not be banned. It is important for people to see both sides of this issue in order to come to the best conclusion possible. Do not ignore one of the sides because you never know how it will end up. Why It Should These payday loans are just trouble! The lenders who charge them are trouble! There are some lenders out there who are just looking to get as much money as they can get out of the borrowers, they do not really care about them. This means that people could find themselves in deep financial trouble that they might have a lot of trouble escaping. This is definitely a shady industry that people need to avoid at all cost. It would be doing our Nation a service to get rid of these loans. When they are gone then you will deal with reputable lenders who are not looking to jam you with high interest and tough repayment regulations. There are plenty of other ways for you to get financial help and you can even do some of them on your own. If they are banned then it will force more people to take responsibility for their actions and not run themselves in bad borrowing practices that will hurt them. Payday loans are more trouble then they are worth and banning this industry will do everybody a great service because it will get rid of lenders who only think about money. Why It Should Not There may be some bad lenders out there, but there are also people who really need this industry to come through for them. They have bad credit which means that they could be in a tough spot when it comes to other loans. Payday loans are their only way of help and if you ban this industry then you are putting a lot of people in financial trouble because they cannot get relief. People are smart enough to know when they are getting into trouble and they will watch out for those bad lenders. In the mean time they are provided with a great service that is short term but still gives them relief. This industry does a lot of good and it would be irresponsible towards many Americans who definitely rely on this. It is easy to sit there and criticize this industry, but you need to look behind it to the people that it helps. It helps enough people that all the bad lenders are cancelled out and really remain useless. Do not let a few bad apples ruin the bushels for those who really need it.