Payday lending has been denounced as "a scourge on vulnerable citizens" and condemned as "modern day usury." So why do some state legislators want to introduce these predatory financial products to NY?
$1.6 billion of interest, excessive fees, and other exorbitant costs are being charged to poor people every single day, making it almost physically and fiscally impossible for individuals to exit the poverty cycle.
"Financial Reform" will be a boom for people in the payday loan business. There will be many new customers who need bank-like services. It's almost like Congress implemented a plan of "Reverse Robin Hood."
How is it that there are as many payday stores in the country as there are McDonald's and Burger Kings? Part of the answer is that they have become ubiquitous wherever there's a concentration of people barely scraping by.