Payday Lending Booms as Credit Cards Become Less Available
26th December 2010
Markets work even when you don’t want them to.
It’s amusing how quickly the people who advocate the legalization of drugs because ‘you can’t stop people from getting and using them’ are nevertheless the first to pummel lawmakers into screwing down restrictions on ‘predatory lending’ on the part of banks and credit card companies, thereby driving high-risk borrowers into the back-alleys of … really predatory lending.