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 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.