Say "Predatory lenders" assh*le!

[MUAD_DIB]

[VAliberal]

1. I haven't seen any figures

on how the 'pay day loan' industry has contributed to the financial meltdown.

But - there are alot of working poor who don't have mortgages and credit cards, who work paycheck to paycheck who are completely screwed by the high-interest usury-style loans they have had to take out to scrap by as wages have declined and minimum wage long since became a poverty wage.

That whole mess (pay day loans) needs to be shut down or regulated out of existence.

[salin]

2. I work in one of the most high poverty areas of Indianapolis

and pay day lender shops have been opening up all over the place in the last couple of years.

I also live in a "transitional" neighborhood - mostly working poor, and I get ads almost daily in the mail trying to "give me" the opportunity for loans - be it on my house or, as the one I got two days ago, based on nothing - "get a five thousand dollar immediate loan...." The predatory lending goes on unchecked - and by extensions the likely defaulted debt is still escalating. Add the financially addictive powers of the payday loan industry activities (that take usury to new heights) - and the problem is still escalating out of control.

Without serious and strict regulations - we will keep being asked for bailouts. A new 2.5K tax/debt obligation here, and another 2.5 debt/tax obligation there...here, there, everywhere EIEIO.

[lifesbeautifulmagic]

3. i could drive from my house to the shopping mall about

15 miles away, and pass a dozen payday loan places. Absolutely no exaggeration. Funny how they are concentrated in low income areas,...