INDIANAPOLIS (WTHR) - A payday lending bill is getting a lot of opposition at the Indiana Statehouse.
The State Senate already passed the bill that would expand payday lending interest rates to as high as 192 percent and eliminate the 72 percent cap currently in place.
Several civic groups and representatives of military agencies spoke out against the bill Monday, including Steven Bramer. Bramer is a Purple Heart recipient from Hammond who admitted he's now caught up in the vicious cycle of trying to pay back a payday loan.
"Payday loans got me into a far worse situation than I was involved in. Is it my fault? Yes. All the way," Bramer said. "Nobody made me get the payday loan, but I also think these people preyed on my misfortunes. When you feel like you have no other options, you can do desperate things."
Bramer and his wife Megan said they believe the only people who would pass this kind of a law expanding payday lending are people who would never need it.