Finding out what's worse than a loan shark
Another day, another one-sided, single-sourced "news" story in the Lexington Herald Leader about shutting down private businesses and turning their functions over to the state.
When are we going to see a story about how much Kentucky taxpayers "lose" to the government each year?
And if payday lending customers go to those businesses because of no alternatives, what do they think those people will do when that option is eliminated legislatively?
Easy. They will hit up the taxpayers.
posted by Kentucky Progress @ 6/29/2009 04:01:00 PM
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Payday lending critics claim that the payday loan industry "costs" American families $4.2 billion in fees. But in 2006, consumers spent $4.2 billion in ATM service charges to withdraw their own money. They paid an estimated $22 billion in NSF fees to banks and credit unions, and banks collected an estimated $10.3 billion for overdraft protection services. Businesses charged an estimated $57 billion in late bill payment fees (more than 140 percent of the total estimated payday lending volume in the U.S.). And credit card interest cost consumers more than $87 billion.
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