Anyone else happen to notice…

Posted by Ray on February 5, 2011 under Main | Be the First to Comment

All this talk about an economic recovery and how credit is flowing once again but I have never seen more advertisements for payday loans . From Montel Williams to some Native American guy selling a payday loan for 900% interest, no, I am not making that up, these firms are everywhere now.

I have nothing against them as they meet a specific need, but it is interesting that these firms are showing up all over the place. Especially since Fin Reg was supposed to regulate these firms. However, Fin Reg will also, according to a Forbes article, force some 10-15 million Americans out of the banking system and, ultimately, into these types of programs. All this talk about recovery and how the middle class has rebounded and how the government was going to fix everything by regulating the banks while at the same time we are seeing a rising number of payday lenders… go figure.