Thursday, July 09, 2009


As Jesse notes, it's not surprising that people who take out payday loans end up doing it again and again. The business model of a predatory lender is much like a spider and its web, trapping their victims and then sucking out the lifeblood. Some states have been successful at sending these predators packing by capping the interest rates they can charge consumers. One can hope that some day we'll regulate these bloodsuckers at the federal level.