John Oliver Explains How Payday Loans Will Keep Screwing You Forever

[Teh One Who Knocks]

https://www.youtube.com/watch?v=PDylgzybWAw

[Loser]

It's pretty much common sense that if you borrow against your paycheck, you're digging a hole you'll never get out of. :facepalm:

[RBP]

It's pretty much common sense that if you borrow against your paycheck, you're digging a hole you'll never get out of. :facepalm:

That's why loan sharks used to be illegal. And scalpers for that matter.

[lost in melb.]

Man, the corruption from 7:50 onwards...

[RBP]

Man, the corruption from 7:50 onwards...

:usa:

[Teh One Who Knocks]

That's why loan sharks used to be illegal. And scalpers for that matter.

Scalpers as in ticket scalpers? Why would they be lumped in with loan sharking?

[RBP]

Scalpers as in ticket scalpers? Why would they be lumped in with loan sharking?

Just noting another formerly illegal activity that is now big business.

[Teh One Who Knocks]

Ah, gotcha, thought you were equating the two to both be predatory lending.

[RBP]

Ah, gotcha, thought you were equating the two to both be predatory lending.

No, but at least the ticket scalpers aren't ruining lives in most cases.

I have absolutely no idea why we allow financial predators (yes, wall street, that includes you) to devastate people with zero repercussions. It's unconscionable.

Feel free to track back... I admit my opinion on this has changed. I was in the "read your mortgage, fuckwit" group at the time of the first wave of the collapse. In retrospect, the schemes were so insidious that it should not have been ignored. Same on payday, and same on the credit card companies.

Oh you didn't hear that one? Wall Street punished credit card companies for lower revenues last year. To make it up they have flooded the market with, yes, subprime credit offers. Sweet. Here we go again.