Wednesday, June 16, 2010
What's Wrong With Pay Day Loans?
Posted by Ann Brock
finalizes language in a massive financial overhaul bill, in which lawmakers will be debating whether and how to regulate payday loan stores....Some critics say that predatory lenders take advantage of desperate people...Some say the stores offer a service that helps people get through short-term financial emergencies.Question: What's your opinion on payday loans? From what I have read about pay day lending I don't see them as being a big problem....I would like to know why congress is so interested in payday loans instead of banks overdraft fees? An overdraft courtesy is not a courtesy but an automatic loan....Overdraft fees are highway robbery....With payday loans you know what you are getting...The real crooks in this business is/are the banks.