Rich Galen

I know this doesn't apply to you, but according to a Marketwatch article on the website, "On average, households that carry a balance on their credit cards owe more than $13,000."

In Washington, DC there is a move afoot to put the brakes on the payday loan business. These are shops - generally in minority neighborhoods - which lend relatively small amounts - in the hundreds of dollars to be repaid on the next payday.

Of course, they are often not repaid so the initial annual percentage rates (which, according to the Washington Post "range from 349 to 550 percent" is jacked up even higher by fees and additional loans to pay off the initial note. According to the Post "99 percent of payday loans turn into long-term debt because the average borrower renews a loan eight times per year."

From the Congress' spending bills to the payday loan recipient. Our entire economy is based on making our monthly payments.

If very many begin missing those payments, it will make the sub-prime mortgage tsunami look like … a ripple.

On a the Secret Decoder Ring page today: Loads o' Links today. One for every article referenced plus a Credit Card Calculator which shows you how many months - or generations - it will take you to pay off your balance(s). Also a Mullfoto from the Iowa State Fair last week and a Catchy Caption of the day. Also, if you haven't yet, you should check out the Mullblog!. There is interesting stuff there and, you can respond for the whole world to see.

Rich Galen

Rich Galen has been a press secretary to Dan Quayle and Newt Gingrich. Rich Galen currently works as a journalist and writes at