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Monday, April 29, 2013
The Average Payday Loan Borrower Spends More Than Half The Year In Debt To Lender
The idea of the payday loan — a short-term, high-interest loan intended to help the borrower stay afloat until his next paycheck — is not inherently a bad notion. However, a new study confirms what we’ve been saying for years: That many payday borrowers are taking out loans they can’t pay back in the short-term, and that lenders rely on this revolving door format to keep the fees rolling in.
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It is nothing but legalized loan sharking. It is banned in some states that that recognize 300-800% interest is kind of extreme. Some states, like Delaware, have "leaders" that have been bribed in sufficient quantities so as to keep this Mafia-like scheme going. And they claim to "represent" their citizens. Not all, of course. Just the ones who can "contribute" to their campaign.
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