New Blog Address

Ryan's blog can now be found HERE.

Thursday, June 08, 2006

Fast Cash, Slow Values

My buddy Q-bomb linked to this article on his blog and I thought it was worth posting here. These stores are everywhere. Think about the pressure that people feel when it comes time to pay the bills. When your options are limited, this might seem like the only way out. And from there, you're screwed.

"Many Americans—particularly those who don't live paycheck to paycheck—are unfamiliar with the payday-loan industry, one of the nation's fastest-growing and most depressing businesses. Payday advance companies offer tiny, short-term loans—a few hundred bucks for a few weeks—while charging annual interest rates that top 500 percent. Borrow $200 today, pay back $240 or $250 on payday. (Some may think that charging those kinds of rates must be illegal, that it's equivalent to loan sharking by mobsters."

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