Clark recently had the privilege to testify before a legislative committee that is considering enacting a “pay day loan” statute. “Pay day loans” are high-risk loans that people take out to tide them over until pay day. They anticipate being able to pay the loan back after pay day. But the interest rates are so high - typically 300 percent and higher – that it starts a vicious cycle and consumers get more into debt each time. These loans have been banned in several states already because they are so damaging and because there are no regulations in the industry. Clark thinks the marketplace should determine what rates should be, as is the case in the credit card industry. About 17,000 soldiers have taken out pay day loans and, as a result, they could not serve overseas. Taxpayers paid money to train those military personnel and it was basically a waste because the soldiers were too financially strapped to be deployed. If you have taken out these kinds of loans in the past, STOP. If you have family members in the military or in emergency services fields (police and firefighters), find out what kind of loans they've taken out and help them make good choices. We have to watch out for each other when it comes to these kind of loans, which are also known as cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans.