04/14/2017

How Payday Lenders And Check Cashers Help The Poor [Watch]

Todd Krainin, Reason

Payday lenders and check cashers have never been more popular with consumers. There are more payday lenders in the U.S. than there are McDonald's locations and Starbucks combined. Yet their business practice of charging extremely high fees and interest rates is widely condemned.

Do alternative financial service providers merit their reputation as rip-off artists? Why do their customers choose to remain "unbanked?"

To better understand how these businesses operate and why people choose to patronize them, Lisa Servon took a break from teaching at the University of Pennsylvania to work as a teller in the South Bronx and Oakland. She discovered that traditional banks are neglecting the poor and bilking the middle class, leaving payday lenders and check cashers to fill a crucial need.

Reason's Todd Krainin spoke with Servon about The Unbanking of America: How the New Middle Class Survives, a first-hand account of what may be America's most widely misunderstood industry.

Read full article



You May Also Like:

At 100-Day Rally, Trump Marks Accomplishments, Blasts Dems And Media Frank Miles, Fox News

Politico Poll Of White House Press Corps Includes Grand Total Of Three Republicans David Rutz, The Washington Free Beacon

Rumor: Roger Ailes In Talks For New Conservative Network? Allahpundit, Hot Air

Obama Gets Fabulously Rich After Keeping America Poor [Watch] Investor’s Business Daily

Peggy Noonan: Democratic Party ‘Blowing Itself Up’ [Watch] Eddie Scarry, Washington Examiner

Elizabeth Warren: A Factory Of Bad Ideas [Watch] Ken Blackwell, Townhall

Why President Donald Trump’s Tax Plan Is Brilliant Politics And Even Better Economics Jeffrey Tucker, Rare

Yes, The Nation Can Afford Trump’s Tax Cuts Tyler Cowen, New York Post

Twitter Proves New NY Times Columnist Bret Stephens Right About ‘Nasty Left’ Matthew Balan, Mediaite

Poll: Tax Burden Linked To Desire To Move Out Of State Stephanie Marken And Zac Auter, Gallup

Yale College Republicans Host Barbecue Right Next To Hunger Strike Thomas Phippen, Daily Caller

British Students: Clapping And Cheering Excludes Deaf People [Watch] Lukas Mikelionis, Heat Street

Report: Megyn Kelly’s First Interview Is With The Kardashians Katie Jerkovich, The Smokeroom

For More go to the Home Page >>>

Search

Bookshelf

SHARE

Some titles recent, all recommended -

Special Video Feature



Voices From The 2017 International Students For Liberty Conference

In Search Of History

SHARE

Keynesian Economics and the Great Depression

Hillsdale College economics professor Gary Wolfram discusses Keynesian economics and the factors that pulled the national economy out of the Great Depression. The story of World War II shows that government spending may produce activity, but not the prosperity of a truly healthy economy.

 

-- Gary Wolfram, Hillsdale College,

Shadow Stats Snapshot


ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    BLS: 4.5%
    Shadow Stats: 22.5%
  • Inflation:
    March Year-to-Year: 2.38% (CPI-U*)
    Shadow Stats: 10.1%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]