There is a frightening article at Reuters about the expansion of payday loan operations as the housing/mortgage crisis expands. No one has labored under the illusion that those paycheck loan places were there to help any one but given their rate of expansion in Ohio:
Bill Faith, executive director of COHHIO, an umbrella group representing some 600 nonprofit agencies in Ohio, said the state is home to some 1,650 pay day loan lenders -- more than all of Ohio's McDonald's, Burger Kings and Wendy's fast food franchises put together.
With outrageous interest rates they're a sure way to go from being broke to completely fucked forever in just a few short steps. I wonder how long it will take for companies like this to partner up with private prison companies to build debtor's prison equivalents and play both sides of the court. Chances are that the savings won't be passed on to you.