WEST POINT, Miss. (WTVA) -- The West Point Board of Selectmen will decide whether or not to adopt a proposed ban of new pay day loan companies in the city.
The Mississippi Center for Justice, a Jackson based non-profit law center, said the high interest loans can be linked to directly to increased overdraft fees and even bankruptcy.
"The proposed moratorium will protect West Point citizens from payday lending's debt trap," said Center for Justice staff attorney and Columbus native Scott Colum. "Mississippi law allows payday lenders to charge one of the highest annual interest rates in the country -- up to 572% -- and Mississippi has the most payday lenders per capita in the country.
There are almost 10 payday loan companies in West Point.
The board was presented with the original idea in early June and will vote on the proposal at the Tuesday meeting.
