Councilman Todd Klein will be presenting a non-binding resolution this week at the City Council meeting dealing with payday loan companies and the State of Texas. Klein wants more regulation on these companies, but is it really needed? (more after the jump)Payday lenders have been the target of both Democrats and some Republicans throughout Texas lately. Some argue that these lenders target low income people and make it harder for people to pull themselves up. Klein would like to have a vote on a resolution calling on state lawmakers to put tighter regulations on these companies. If that doesn't work, Klein would like to see zoning changes to where payday lenders couldn't operate in low income areas of Lubbock.

Personally, I would never get a payday loan. They are bad for your financial future and yes, you dig yourself into a hole that's hard to get out of. However, how many more regulations and laws do we need to protect people from their own stupidity?

People have to be responsible for their own actions. Why do we always treat low income earners like they are idiots? That's pretty much what this and other proposals like it do. Most people are smart enough not to use payday loans and that goes for the rich and the poor.

Obesity and diabetes are huge health risks in low income areas. Should we prohibited fast food businesses from building there? It's just about the same argument and there are cities that have thought about doing this.

We will talk more about this on future shows, but I'd like to hear your opinion. Should we ban payday lenders from certain areas of town?

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