A report by the Center for Responsible Lending indicated that 76 per cent of payday advances had been taken within a fortnight of another cash advance — and thus three-fourths of this loans had been from people when you look at the pay day loan debt period.
For Evans, banning payday advances would resemble banning charge cards because some individuals do not use them responsibly. The real question is not merely one of banning, but of individual freedom and responsibility. The thing is maybe perhaps not unique to pay day loans.
Evans claims payday loans are section of a continuum of various financial obligation services and products — which range from 30-year mortgages to installment loans for furniture. [Read more…]