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Wall Street Journal Denounces Payday Loan Trap
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Wall Street Journal Denounces Payday Loan Trap

There has long been movements to put harsher restrictions on payday loans in order to help poor people who face difficult times. Many congress men and women have attempted to introduce legislation in order to oversee and maintain transparency and fairness within the payday loan industry. Nonetheless, little has changed the way that business is done in the United States. However, one of the most recent critics of the payday loan debt cycle is the Wall Street Journal. In a scathing article, the journal makes a number of important distinctions about how the industry is set up and why things should be changed.

Payday Loan Trap Flaws

Obviously the entire system of payday loans is only a reluctant service that many use. People who are too poor to get the very basic necessities often find it necessary to get payday advances in order to pay the bills. While this helps in the short term, it almost always inevitably leads to pain and suffering later on. The Wall Street journal author, Jennifer Walters, has found this to be an interesting topic for a hard-hitting article. Thankfully, the outcry in popular periodicals will help to spread the message of unfairness so that regulation and oversight can become another part of the overall conversation.

What the WSJ Says about Payday Loan Trap

In one section of the recent article on the Wall Street journal, there is a quote that says payday loans are legalized loan sharking operations that use intimidation and other methods in order to retrieve borrowed money. Unfortunately, this statement is not far off. There are many problems with the payday loan industry and this is definitely something that many people are afraid of when they need quick money fast. There are few people who don’t already know the truth about payday loans, but the money is a necessity that takes priority.

Nonetheless, something should really be done about the great payday loan trap problem that exists today. Many thousands of Americans are faced with a gloomy economy and yet they must also pay these people who are bilking them out of a lot of money. While there are options to get a legitimate payday loan consolidation, sometimes it can be difficult to pay the bills even then. The only real way to change is to make sure that the industry has the right amount of oversight and the regulators can check on how things are done.


Street Talk

You said it all when you used the word trap!

Reply
  about 9 years ago

But no one thinks about them being a trap till they have to start paying these back .

Reply
  about 9 years ago

Thanks for getting this important information in front of the public

Reply
  about 9 years ago

I am definitely trying to John, thank you! The more people I can get this out too the better.

Reply
  about 9 years ago

I'm so thankful I don't have to deal with pay day loans. These people are scum bags

Reply
  about 9 years ago

They totally are you wouldnt believe how I have to fire up on some of them since they are so scandalous.

Reply
  about 9 years ago

More great advice David, thanks for the info.

Reply
  about 9 years ago

Thank you Mark, your comment is absolutely appreciated.

Reply
  about 9 years ago
AnnMarie  

I am so glad I am not in the position that others are in with these loans. This article scares me...scares me into never going for a payday loan! Thanks for advocating against the 'legal loan sharks'.

Reply
  about 9 years ago

I am huge advocate against these guys! But I am happy to help those who need the help. Thanks for the comment!

Reply
  about 9 years ago
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