The Better Business Bureau reports an increase in complaints about payday loans in the Chicago area. In 2007 there were 5 but in 2008 that number jumped to 30. The BBB cites high interest rates and phone harassment as the main reasons for consumer complaints.

I can understand the phone harassment complaints. After all, it is illegal to threaten people over the phone or endlessly harass them all day about paying back their loans. We do not condone these practices nor do we participate in them in our collections department at Check City.

The real mind boggling thing here is the complaints over the high interest rates. People complain that they were charged 600% APR in some instances. Now first of all, that means borrowers were charged about 2% of their loan amount per day in fees. So the longer they kept their loans out, the more they were going to pay in fees.

To complain about that is the same as going to buy a Mercedes then complaining that it cost too much. Then why did you get it? The Truth in Lending Act requires by law that the APR of any loan be clearly disclosed to the consumer. If you can't afford the price tag, don't buy it!

I am amazed that someone will get a loan for 600% APR, know they are getting a loan for 600% APR, and then have the audacity to complain to the BBB that it was unfair to be charged 600% APR. Do we live in a mindless society devoid of any accountability or responsibility for one's own actions now?

Why do we allow anyone to charge money for anything? Why can Wal-Mart charge $40 for a chair when RC Willey is charging $80 for the same chair. Shouldn't someone complain about RC Willey and their outrageous prices?

Want protection from payday loans? Don't buy them! It's that simple! If you think they are bad, don't get one!We live in a free country, let's keep it that way.