Payday lenders' ballot initiative overturned

Clark has long warned about payday lenders on his show. They are one of the worst examples of capitalism gone bad. Many listeners have pointed out that Clark speaks with a forked tongue when he professes a love of the free market and simultaneously slams payday lenders. But you know what? This is one time when he's happy to be a hypocrite!

The payday lending industry had ballot measures in Arizona and Ohio that could have overturned state caps on the interest rates they can charge. They also spent millions on misleading ad campaigns to sway voters.

In fact, a small campaign in Arizona to stop the payday lenders' initiative was outspent 90:1 by the industry. In Ohio, meanwhile, a similar anti-payday lending campaign was outspent 60:1.

Thankfully, the voters saw through the smokescreen and defeated the ballot initiative. So we're now at 15 states that have capped payday lenders or outright banned them. Of course, you can expect the industry to fight this tooth and nail on a state-by-state basis. Clark himself has relished testifying against these loan sharks and hope he gets the opportunity to do so again before more state committees.

So here's Clark's warning to you: Payday lending is still legal in 70% of states. Don't fall for it. The industry says it meets a legit need, but when you put a noose around your wallet at 391% interest or more, it is destructive.

We've had soldiers who couldn't deploy because they got into severe financial trouble with payday lenders. Our Congress had to pass a law that capped interest rates for military at 36%.

These payday loan sharks were harming our national security. But what about your own financial security?