From CNN Money: Payday Loans Snare Desperate Debtors at 396% Interest. I guess there's good money in kicking 'em when they're down. I really feel for the people who get to this point, especially since, according to the article: "Borrowers are disproportionately minority, female and in the military." We're looking at single moms and cash-strapped soldiers, basically.
But all's not lost, because Washington is watching out for our men and women in uniform. Congress enacted legislation, which went into effect 10/01/07, that caps payday loans for military personnel to a modest 36%. Doesn't that just make you feel all warm and fuzzy inside?
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