It's Fixin' To Get Worse.

When I was growing up, those who couldn't qualify for a bank loan might have to borrow from local lending companies or make payments at a used car lot. Such indebtedness was widely scorned as a sign of irresponsibility. After all, what kind of person would pay (horrors!) double-digit interest for a loan? What is happening today evokes nostalgia for the good old days of the early 1970s. So-called "payday loan" shops are one of America's fastest-growing industries. The business plan is simple, but very expensive for the customer. People write postdated checks and pay 25 percent interest a month for a short-term loan of $100 to $1000. Suckers are encouraged to roll over their debts, continue borrowing, and create a vicious cycle. http://www.lewrockwell.com/orig5/doyle5.html

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