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There’s been a lot of finger-pointing lately about who is to blame for the untenable financial circumstances of many American families. Among the usual suspects–Wall Street quants, fly-by-night mortgage brokers, the households themselves–none is an easier target than payday lenders Read the original here: Payday Loans: Do Borrowers Know What They’re Getting?

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Random Feed wrote an interesting post today on
Here’s a quick excerpt
There’s been a lot of finger-pointing lately about who is to blame for the untenable financial circumstances of many American families. Among the usual suspects–Wall Street quants, fly-by-night mortgage brokers, the households themselves–none is an easier target than payday lenders. These storefront loan sharks are portrayed by their detractors as swindlers preying on the desperation and ignorance of the poor. A payday backlash is already well underway–Ohio recently passed legislation capping

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Random Feed wrote an interesting post today on
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Senator Dick Durbin is on a quest to kill payday loans . His legislation, “Protecting Consumers from Unreasonable Credit Rates Act,” proposes a federal interest rate cap of 36% on all loans. His support for the bill is of course weak and unfounded. Less than 3% of American families use payday loans. I think Durbin should try and find another scape goat for our economic woes. Also, over 90% of repeat borrowers pay their loans back on time. That’s a far cry from bankruptcy. A Clemson

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Random Feed wrote an interesting post today on
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Some states are fighting the high rates charged for payday lending, which costs American families $4.2 billion a year in interest and fees.

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Random Feed wrote an interesting post today on
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Six thousand American families are due to lose their homes in foreclosure today. Many more American families are going to be grist for the foreclosure machine unless Congress acts to help them. But, as of today, it appears that any bailout of the financial institutions that are now in trouble after years of reckless, making predatory loans is not going to include help for homeowners. Illustration by: Matt Mahurin The basis of the bailout plans now under discussion is the government’s purch

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