Should there be a federal law capping the amount of interest those 'payday advance' places can charge?

I've heard reports of upwards of 4,000% interest being charged and that this is now affecting more and more military families (as they go to war, they make less $$$ and their families rely on these 'advancements'). Should the gov't help protect these families from interest-gouging?
no
Yes, there should be a cap on ripping people off.


Answers:
Perhaps the families in question should read the fine print before they borrow money from a 'Payday Loan' type of lender. Better yet, being more responsible with your financial matters usually helps out alot. These businesses while charging way too much for their services and preying on those who are in need of quick cash, have the right to operate this way. The charges for their services are not 'secret' and if cost is a concern then I would recommend asking the right questions, i.e. How much?

I am in the Army and know that it is not necessary to starve unless you can't keep your unnecessary spending in check. As for deployments? I am inclined to ask how all the increased family separation pay, the hazardous duty pay, increased BAS and BAH and the other support benefits are not enough?

Should the government help protect these poor poor souls? Yes, by strengthening our education system and releasing graduates into the world that have enough sense to find their way home at the end of the day.

Do you really think that we need to be protected from our own choices? Go to payday loans....Choice. Spend responsibly and cut back when necessary....Choice. Frankly I think it is sad that you would ask for the governments help in the form of limiting freedoms and in the same breath bring up our military who if you are unaware, are charged with protecting freedom.

I agree that these businesses are wrong to prey upon those in need. In fact I think their practices are unscrupulous and un-American, but their right to charge what ever they wish for THEIR product or service is theirs to cherish, appreciate or take advantage of. It's too bad that they choose to take advantage rather than to contribute, but that's life. Get your affairs in order the old fashioned way. Don't live outside your means and quit expecting someone else to pick you up when you throw yourself to the ground. I for one can more than relate to having debt issues and tight times, but I also know who is to blame and exactly who will have to pull me out when I find my self in such a place.....ME.
There should definitely be a cap. There really isn't any reason for a military family to rely on these types of advances as long as they budget themselves. They actually get more pay when going to war. They get danger pay and family separation pay. When you get married, you get more pay also. Privates don't make much money, but they do make enough to live on. Medical expenses can really hurt a family, but if you're in the military, you don't have to worry about those things.