Pay Day Loans, Good Riddance
September 3rd, 2009 . by Alexander FisherI am so glad that Ohio finally got rid of the Pay Day Loan racket. They were only in poorer areas and preyed on those that could least afford it. There was a time that loan sharking was illegal everywhere. I am not sure how all this got started, but I know these people are aggressive in recovering loans. I’m not sure anyone got their leg broken like a loan shark might do. But abuse and harassment take many forms.
Quite a few states still have legal Pay Day Loan businesses. Back in high school, I can remember speculating that we would have small privately held bank’s someday and they would be called something like…Bob’s Bank. Little did I know that someday there would be that type of bank, but I never anticipated they would be evil. Even more evil than corporate banks! That’s alot of evil.
I am sure that Pay Day Loan defenders would say the up to 400% interest that Pay Day Loan sharks are charging is because of the service they are providing to their customers. And that without that service how would these people get by?
It turns out, many that borrow money from a Pay Day Loan racketeer, enter a cycle of borrowing, paying back, and borrowing again, that some people may never pay off. Even when the debt is finally paid, it ends up costing many times the original loan amount. Is this how we should be treating our poor and needy? This type of service only enriches those that have, at the expense of those that have the least. If that isn’t a crime, it should be.
The video link is to a report done by Katie Couric on the The CBS Evening News about the Pay Day Loan racket in the U.S.
