We have been sitting on the sidelines watching the back and forth between the Pay Day Loan industry, and our administration.  The time has come for me, as an American Citizen, and an attorney practicing in the collection of debt to make a brief, and personal statement.

Pay Day Loan Regulation

Dear Mr. President.

Who knows better whether a person is able to the pay back the loan, the person making the loan or the person who is borrowing the money?   And if it is not paid back, who is damaged more the person who is owed the money or the person who owes the money? That is common sense.

“The idea is pretty common sense: If you’re a payday lender preparing to give a loan, you should make sure that the borrower can afford to pay it back first,” Obama said in his address released Saturday.

Ralph Marcadis

Marcadis Singer, PA

Debt Collection Attorneys in Florida


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