Ready money -- at interest of 500 percent
Working Oregonians who need to cover rent, or car repairs, or a medical bill can get their hands on cash fast by borrowing against their next paycheck, but annual interest rates of 500 percent or more can trap them in an ever-deepening spiral of debt.
Some lawmakers and advocates for low-income clients want to crack down on so-called payday loans, saying they prey on poor people. Defenders say they offer a badly needed service to people who can't borrow money any other way.
Woe to the poor, they are easily "trapped" and "preyed" upon. Perhaps you have seen these "Payday loan" places. There are often large goons outside the door just waiting for an unsuspecting poor person to walk by so that they can grab them and force them to sign documents. These are no ordinary documents mind you, they are filled with scurrilous lies and fine print so small that no man can read it. By the time you are thrown out by the large goons you have no idea that you have entered into a contract or what the cost of the services you just received may be. But wait...
Not all payday loan consumers are poor. About one-fourth of the 1,200 people surveyed by the state were state employees. Many said they had a hard time stretching their monthly paycheck.
This is one of those statements that they didn't mean to make. Read it again. Not all... are poor...[man] were state employees! Hahahahahaha. You have to love how the jobs are described as "public service" but those "servants" of ours are, by definition, not poor!
But they have a hard time managing their budgets... I'm shocked.