How PayDay loans push the middle class deeper into debt-2/2

Usury Country: Payday Loans Pushing Millions of Middle Class Americans Deeper into Debt

Lawmakers and public officials in California, Ohio, South Carolina, Missouri, Washington and other states are attempting to crack down on the controversial practice known as payday lending. Payday loans are short-term loans or cash advances secured by a post-dated check. The annual interest rate for these loans can be as high as 400 percent, ten times the highest credit card rates. Today, its a $40 billion industry with more than 22,000 stores. We speak with journalist Daniel Brook about his Harpers Magazine article, Usury Country," and with Ginna Green of the Center for Responsible Lending.

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• middle
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[KevZen2000]

Very interesting, I do not agree with the claim of being by just to target a particular group,but more of a deceptive method to lure people who are bad at money management.