Oh, no! Usury!
And speaking of Cuyahoga losers, a few went to Dee Cee to complain about lenders:
Witnesses at the hearing also described how high-interest, short-term loans from "payday lenders" suck low-income workers into a perpetual state of debt. David Rothstein of Policy Matters Ohio, a Cleveland-based research institute, told the committee that Ohio has more payday lending locations than McDonald's, Burger King and Wendy's restaurants combined.
Look, anyone stupid enough to borrow money at those places deserves to be put out of their home. That they have any good reason to exist at all is largely due to area banks, whose policies exclude the poor. When National City charges a non-account holder 10% to cash a check drawn on National City, the cash shops look pretty good. But there are way too many people geared to instant gratification, and folks like Rokakis are determined to deny them their education, simply because people with a longer-range view who have provided their own security are less likely to put them in power. And what would be worse for the city: overpriced capital, or no capital available at all?
Comments
Posted by: Jo
Posted on: March 23, 2007 11:53 AM
I knew a nurse who never kept a bank account, stating that she didn't trust them. So one night she went to one of those scalpers check-cashing places and had to pay a huge fee. Her overwhelming paranoia hardly seemed worth it to me...I've had bank accounts since the age of ten.