Then again as my past acquaintance
says; who the hell am I to judge? In wealthier suburbs you don't see a lot of
payday loan businesses really, sure there are a few, but in the inner city or
poorer neighborhoods you see them in every large shopping center and near areas
with lots of low rent apartments. There are other issues with all this, you see
many people go to cash checks in these types of places, and the company takes a
hefty fee for doing so, sure there is risk involved for them, but their
business model allows for that too. People not paying taxes, working under the
table, getting occasional checks - cash those checks at these places.
It seems we have a problem with
consumer credit these days. Credit Card companies make a killing off those with
large perpetual balances and charge interest rates which are insanely high.
Banks can't charge that much for their loans, as they are regulated, but
somehow these companies can thanks to their lobbying power. The same thing is
true for pay day loans, that's the same ballpark I'd put them into. Let's face
it poor people make poor decisions, often they don't have many choices, but choosing
to use an establishment like one of these is yet another unwise decision on top
of whatever choices led these folks to this personal economic reality of
theirs.
The Wall Street Journal has done a
number of articles over the years of how the cash economy exists, how the IRS
is trying to cut down on it, and how payday loan companies and pawn shops have
sprung up to meet the free-market needs of those who are playing in an
underlying realm of our economy. The growth of both the cash economy and these
types of establishments has really grown over the years.
Additionally,despite what my
acquaintance has to say about all this, I don't find that a positive
development. It just perpetuates economic enslavement, high interest rates on
short-term borrowing, and increased criminal activity and minor tax evasion
issues. So, the other day, when sitting at Starbucks overhearing a
conversation, someone said; "I need a payday loan quick," I thought
to myself; "no he doesn't" that's just a poor temporary economic
decision, which is probably a habit of his, and why he is still poor. Please
consider all this and think on it.
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