“Never trust your future to a payday lender”

…nor lawyers whose clients happen to include payday lenders and who have repeatedly demonstrated that they either don’t know what a particular non-payday-lender-specific aspect of law is or know that it isn’t what they say it is but continue to push a discredited legal theory anyway.

GTbugvomit

This did make me laugh, but I still can’t bring myself to link to an exterminationist site such as Gender Phlegmer.

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6 Comments

  1. Payday Loans Lead to Long-Term Debt 2-21-2013
    2:31 PM ET |
    By: Chad Brooks, BusinessNewsDaily Contributor

    Despite their allure, payday loans don’t bring the benefits cash-strapped workers are hoping for, new research shows.

    The study from the Pew Charitable Trusts revealed that most borrowers cannot afford to pay off the loans in 2 weeks, the typical duration of most payday loans; those borrowers then end up in long-term debt.

    The research shows that when the time comes to pay off the loan, the average borrower can only afford to pay $50 of the total loan repayment, which averages $400. Previous Pew research shows Americans spend $7.4 billion per year on the loans, including an average of $520 in interest for each borrower who ends up indebted for 5 months of the year.

    “Payday loans are marketed as an appealing, short-term option, but that does not reflect reality,” said Nick Bourke, Pew’s expert on small-dollar loans. “The loans initially provide relief, but they become a hardship.”

    http://www.businessnewsdaily.com/4001-payday-loans-debt.html

    The Pew Study that prompted the story:
    http://www.pewstates.org/research/reports/how-borrowers-choose-and-repay-payday-loans-85899452131
    Released this week.

    This of course, used to be called usury. It was illegal for a long time for very good reasons. You forfeit any moral high ground you that you may have presumptions (however deluded) of claiming when you purchase luxury off of the suffering of others.

    • This of course, used to be called usury.

      And what Wall Street now does used to be called fraud. (I won’t even mention what the Republican congressional leadership’s m.o. used to be called – or maybe I already have at some point.)

  2. […] but oh so believable. […]

  3. […] more than once. […]

  4. […] I encourage ENDABlog 2.0 readers to think about whether or not that wording seems more likely to have actually come from a ‘Patrick’ or from a vomitous bug… […]


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