California attracts a lot of tourists every year and the main reason for visiting this country is that the most territory of the state is presented in the form of long coastlines which are very good for rest and leisure. Besides, California is mostly visited by tourists that are interested mostly in domestic travel and due to its location California becomes one of the most competitive tourist regions and the great travel agencies promote the region heavily for attracting more and more people to the country.
The success of this promotion belongs to the government policies that involve not just federal resources for promoting the idea of tourism in California. A lot of public and private resources are used to attract a lot of tourists from all the American states. Besides, the sphere of tourism in California stays the most beneficial as the federal authorities? eases on taxation of those companies that are engaged in promotion of tourism services in California.
The cooperation of private tourist organizations and the federal supported organizations makes the industry develop rather fast. It is also a great way to attract financial resources for the states and now the income from this industry makes about $99 million dollars each season. The money gained from this industry is used for further development and every year you will be able to see a lot of new facilities for attracting money for the further development.
Besides, the government welcomes any idea from ordinary people to develop a certain business in the sphere of tourism and any person can use all the benefits of low interest rates. Try developing your own idea and you will see that your business will develop in no time. Plan a good promotional campaign and you need to learn that an original approach in that sphere is your key to success.
A bill was recently introduced in the California Senate that will increase the limits on payday loan amounts. Assembly Bill 1158 would increase the lending limits of payday loans to $500 from its current limit of $300.
Based on current limits, borrowers taking out $300 worth of payday loans will receive $225 and have to pay it off in two weeks. Most of the borrowers can?t pay back the amount in time and are forced to take out more loans. This results into a vicious loan cycle.
Majority of consumer groups feel that any increase in the loan limits could only worsen the situation. They said that if Senate approves the measure, it must make amendments that will protect the borrowers.
Congress is not surprised with the potential danger that the new measure will bring about. They already banned members of the military from taking out payday loans because it can lead to the inhibition of troop readiness.
There are states that managed to decrease the damage made by payday loans by imposing rate caps. But this is not possible in Sacramento where the industry is too influential. This is why consumer groups have abandoned hopes of having rate caps in the state. They said that the amendments are needed in the bill to avoid economic damage in the future.
Consumer groups also want to include amendments that will limit six loans per household, require lenders to assess a borrower?s ability to pay rather than offer the loan to everyone who applies for one, and increase the payback period from 2 weeks to 31 days. The said amendments can lessen the potential risk connected with payday loans.
Amending the bill will protect the borrowers in the long run. Consumer groups feel that borrowers can?t count on their elected officials to lookout for their best interests regarding payday loans.
Source: http://www.paydayloansmag.com/california-payday-loans-to-increase-limits/
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