James Greiff , Columnist

How to Fight Payday Loan Sharks

Imposing a cap on interest rates probably isn't the right way to rein in abuses in the payday lending industry.

October 28, 2014 at 1:03 PM UTC

James Greiff is an editor for Bloomberg Opinion. He was Wall Street news team leader at Bloomberg News and senior editor for Bloomberg Markets magazine. He previously reported on banking for the St. Petersburg Times and the Charlotte Observer.

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The concern that members of the U.S. military are getting sucked into debt traps by predatory lenders is revising calls for Congress to pass legislation to mandate nationwide limits on interest rates on all consumer loans.

Among the proposals is a cap on interest rates at 36 percent a year, as the New York Times recently recommended.