Friday, July 6, 2007
Payday loan debate
The business magazine BusinessWeek hosted a popular web debate on payday loans. One thing that surprised me was that the responders were overwhelmingly against the payday loan industry. Many of those that held the "treat them like adults" argument had a vested interest in the high-rate financial industry. For example, one worked for the tax preparer Jackson Hewitt, which has come under fire for "refund anticipation loans". I would have expected that it would have been the other way around, as BusinessWeek's readership is primarily made of wealthy business executives.
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