Statistics can be powerful. That’s why I was struck to see a new study reporting that low income families do better in states that permit payday lending. If families can’t get short term cash, says the study, they are more likely to encounter other expenses like bounced checks. So swallow hard and let payday lenders charge 400% interest rates, because in the long run people will be better off. Wow.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1250815