Friday Edition: Pentagon Blasts Payday Loans

It saddens me that the government is finally recognizing predatory lending for what it is, given that it's ravaged many areas of country for several years now. Many of the lenders are owned and operated by larger banks who are take advantage of the last group of people in the world who need to be paying those kind of interest rates.

It hurts communities. Suddenly now that it's beginning to affect the military's balance sheets, predatory lending is now a great social evil. From one banking brnach to another, the military just does not want to pay the banking branch collections and interest fees on defaulted loans. Taken to scale, let's see the average mortgage with a 900% payback, or how about credit cards with a 900% interest rate for corporate travelers?

The poor and low-income sets should not be thought of as another market in business; "Sub-prime" is "sub-human." Stronger legislation against greed needs to be created and executed. Some lower end sections of cities don't have banks--they have these "lenders." It's wrong.

Source:http://www.poynter.org/article_feedback/article_feedback_list.asp