Legislation cannot cure all ills, and more laws aren’t always the answer to what ails us. But in this session of the New Mexico Legislature, lawmakers have the chance to improve the lives of poor people — and without spending a dime.

All the state has to do is pass a law that limits the interest that companies can charge on loans. So simple, and so effective — stop greedy loan companies from profiting off people who are trying to stretch their dollars to the next payday. Right now, the maximum interest rate being discussed, 36 percent, still is high enough to earn the term usury. Still, that’s considerably less than many companies charge now. We would not be out of step, either, since at least 20 states around the country have clamped down on high-interest rate loans.

Read more here: http://www.santafenewmexican.com/opinion/editorials/our-view-state-should-cap-interest-rates/article_94906c1b-b06b-567b-8fa7-1035e8fc0436.html