Following up on Deepak's post earlier this week flagging John Oliver's hilarious takedown of the payday lending industry, check out this post from our friends at Public Justice, discussing the impact of payday lending on minority communities (which are disproportionately targeted by these businesses) and the pernicious business model that relies on trapping borrowers in a cycle of debt.
who is most likely take out that fateful first payday loan? Those living in neighborhoods with the highest numbers of payday loan stores: statistically, people of color. This means that, in the longer term—the circle of debt that traps so many—those who have the most access to payday loans will end up having a harder time paying their bills, putting off seeking medical care they need, and even losing their homes because they don’t have the financial resources. – See more at: http://publicjustice.net/content/shark-week-let%E2%80%99s-look-closely-at-who%E2%80%99s-preying-on-whom#sthash.XkKNgtaO.dpuf
who is most likely take out that fateful first payday loan? Those living in neighborhoods with the highest numbers of payday loan stores: statistically, people of color. This means that, in the longer term—the circle of debt that traps so many—those who have the most access to payday loans will end up having a harder time paying their bills, putting off seeking medical care they need, and even losing their homes because they don’t have the financial resources. – See more at: http://publicjustice.net/content/shark-week-let%E2%80%99s-look-closely-at-who%E2%80%99s-preying-on-whom#sthash.XkKNgtaO.dpuf
