Stop The Debt Trap
Jun. 10, 2016 | Release
A used car salesman, a Wall Street banker and a payday lender walk into a bar. If the bartender is anything like most Americans, that payday lender might have a tough time getting a drink.
According to a new poll, conducted by GBA Strategies on behalf of Americans for Financial Reform, the Center for Responsible Lending, the National Council of La Raza, and the National Association for the Advancement of Colored People, just 3 percent of registered voters have a favorable opinion of payday lenders. Yes, even used car salesmen and Wall Street banks are more well-liked than payday lenders.
The public’s disdain for payday lending shouldn’t be too surprising. The entire business model of payday lending is based on trapping people in cycles of debt that they cannot escape, all the while forcing them to pay exorbitant fees and interest rates. Even used car salesmen aren’t so predatory.