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This Multi-Billion Dollar Industry Is Ravaging America's Working Class


Business  (tags: Business, corporations, Credit, Debt, Finance, irresponsible lending, Lending, Loans middle class, Payday Loans, personal finance, responsible lending )

Judy
- 1698 days ago - wallstcheatsheet.com
Right now, 12 million Americans are caught up in a cycle of loans that boast interest rates of 400 percent or more.



   

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Comments

Anne F (17)
Wednesday October 29, 2014, 3:31 pm
This seems like a sensible regulation: prohibit payday lenders from “rolling over” or re-financing the same loan

Raise the minimum wage, help all adults get birth control, provide cheap job training -- we have work that needs doing

 

Freya H (345)
Wednesday October 29, 2014, 3:33 pm
This is obscene beyond obscene. These businesses are vile, slimy bloodsuckers that shamelessly prey on the helpless. They have the morals of buzzards and the souls of spiders. 400 per cent? That is not mere usury - that is f--king CRIMINAL!!! How can we allow such evil to go on? Predatory lending companies need to be shut down - and the vermin that run them put in our overcrowded prisons with rotten food and non-existent health care.
 

JL A (281)
Wednesday October 29, 2014, 5:08 pm
This used to be forbidden by state usury laws (a Biblical concept of unfair profiting from loans)--time to limit interest back to at most something like 18% (which is higher than most of the laws used to permit). Thanks Judy.
 

Judy C (91)
Wednesday October 29, 2014, 6:07 pm
Thanks ladies. I wholeheartedly agree. It is beyond me how these despicable parasites get by with doing this.
 

Gloria picchetti (304)
Thursday October 30, 2014, 11:41 am
Vultures!
 

Mike M (8)
Friday October 31, 2014, 11:02 am
Your elected officials can put a stop to this but you have to vote the right person into office so they are not bought and used by the corporations and their henchmen
 

Sue H (7)
Friday October 31, 2014, 11:24 am
Where are the "lawmakers" who would prohibit this usury?? It would help a great deal if folks could learn to live within their means. ?
 

Mary Donnelly (47)
Friday October 31, 2014, 12:45 pm
Good post.
 

Lois Jordan (63)
Friday October 31, 2014, 4:19 pm
Noted. Thanks, Judy. Yes, the loansharking business has gone "legit." Way past time to pull in the reins on this horrible usury.
 

Judy C (91)
Friday October 31, 2014, 4:49 pm
Thanks everyone. We do really need to get some decent people into office to put a stop to this. I certainly agree, Sue, that people need to live within their means. However, I think that most of these loans are taken out by people in desperate situations, trying to avoid losing their car or home, getting utilities shut off, things like that. There are times when expenses arise that are beyond one's control, or people may lose their jobs, get sick, etc. Most people's incomes are stagnating while expenses of living continue to soar.
 

Joanne Dixon (37)
Friday October 31, 2014, 6:24 pm
Vultures at least wait till their lunch is dead before pulling it to pieces. These people are eating their victims alive.
 

Charlene Rush (79)
Friday October 31, 2014, 9:55 pm
This is outrageous and totally immoral.
 

Patricia N (9)
Friday October 31, 2014, 10:23 pm
Time to make it illegal again along with high interest rates on regular credit cards.
 

Darren Woolsey (218)
Saturday November 1, 2014, 5:07 am
Time the payday lenders went down. . .
 

Judy C (91)
Saturday November 1, 2014, 12:43 pm
In a just world, these vultures would be in prison.
 

Glenville J Owen (0)
Saturday November 1, 2014, 3:39 pm
If people are unable to live within their means then laws need to be made to protect them from exploitation from loan sharks.
 

Debra G (0)
Saturday November 1, 2014, 9:34 pm
There are areas of many cities where every block has a liquor or 7-11 store, maybe a Dollar Store, and a payday loan store, and little else. The necessities of life are far away and expensive, so these stores thrive on those struggling to get by. I worked on financial literacy courses for the poor and was amazed by how hard it was for them to get any banking services close to their homes other than payday loans. This is sometimes a despicable country.
 

Judy C (91)
Saturday November 1, 2014, 10:05 pm
Debra, this really is a terrible state of affairs. Don't forget the check cashing services that take a huge cut from people's pay, as well as the lack of fresh produce and other healthy food. The poor are treated disgracefully in this country. Given just the right reversal of fortune, almost anyone can end up poor.
 

Cathy K (0)
Sunday November 2, 2014, 3:32 am
Much of what the banking industry does should be illegal!!!
 

Amitav Dash (87)
Sunday November 2, 2014, 8:23 am
John Oliver has a great (informative yet hilarious) piece on these leg-breakers and the politicians who (are paid to) allow them to continue stealing from you: https://www.youtube.com/watch?v=PDylgzybWAw.
 

Past Member (0)
Sunday November 2, 2014, 9:50 am
There was a time when I couldn't get any help and went to one of these. I didn't think I was ever going to get out of the cycle. Then they decided to put the check through my bank not once but 3 times (so they got paid $900 instead of the original amount of $300). My bank went after them and got my money back and now I would rather starve than go to one again. Their practices should be illegal.
 

Sheryl G (359)
Sunday November 2, 2014, 5:03 pm
This should be illegal. But again, no one is protecting the people. We are being robbed and abused at every level.

I recall one use to be able to go to the bank and apply for a "personal loan" for such things at a far less interest rate. I don't suppose those exist anymore.
 

Roger G (148)
Tuesday November 4, 2014, 1:34 pm
they should all be closed down and put in jail !
 
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