Birminghamians and Alabamians have been in major discussions about Pay Day loan shops yet. Our state averages 456% annual interest rates with these loan sharks. It is sapping MAJOR amounts of money from our city and helping cause an increase in poverty in our city. John Oliver does a skit that seriously address what the industry is about. Yet Vox says, Yet as funny as this is, it neglects a really serious policy issue, which isnt simply a lack of regulation of payday lenders: its a lack of options for financial services. Agreed. Well huh. This sounds like something the cooperative/collective economic movement has been saying for like hundreds of years. We MUST organize our OWN institutions in our OWN communities to support our OWN. What is poverty? Simply, a lack of access to capital. We NEED alternative institutions to address these issues.
Posted on: Mon, 11 Aug 2014 19:41:48 +0000
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