Though payday loans may not be your cup of tea -- this op-ed demonstrates that the alternatives are even worse. As is usually the case when Congress wants to "reform" an industry -- and limit a consumers potential options -- consumers are the ones who lose.
It's also worth noting that the banking industry (which charges ridiculously high punitive rates for overdrafts) -- would prosper if the so-called Payday Loan Reform Act passes Congress. (Did I mention the winners here tend to be large political donors?)
... Though I found the op-ed interesting when I read it, I didn't decide to blog about it until I noticed something very interesting last night -- Stephen Colbert (of all people) -- talking about it!
If you want to know just how organized the anti-payday lending forces are, it seems curious to me that the same day this Wall Street Journal op-ed hit, Colbert did a two-minute take-down of the industry -- and also took down a Member of Congress whom the anti-payday folks despise (it starts six minutes in).