There is now a federal move to cap the interest rates that payday lenders can charge at 36%. That would extend the protection against outrageous rates now enjoyed by military personnel to all civilians.

As surprising as it sounds, a wide-reaching 36% cap would nearly demolish the payday lending industry. They simply can't staff their outlets and give out money haphazardly at that rate of return.

Clark believes the industry really brought this on itself. If they had kept to interest rates of only around 50% or 60% -- and Clark uses the word "only" very loosely! -- they may not have attracted such ire. But instead, the payday lenders have been greedy, sometimes charging hundreds or even thousands of percent interest!

On a related note, Clark is disappointed that credit unions have only had limited pilot programs for short-term borrowing. He feels they missed out on an opportunity to provide a real community service to those who would otherwise be targets for payday lenders.

As always, resist the temptation to go to a payday lender. It's never the right move.