Blackinformant.com
Engaging the culture by challenging the status quo
Search
![[image]](http://mowser.com/img?url=http%3A%2F%2Fwww.podcastready.com%2Fimages%2Fpcr_button-1%28122x32%29.gif)
Subscribe
Gettin’ payd! (without a check)
23 Mar2005
Minority neighborhoods in Durham and elsewhere in North Carolina have three times the number of payday lenders as white neighborhoods of the same size — even taking into account income, age and gender, a Durham organization reported Tuesday.
The lenders, which give short-term, high-interest loans to cash-strapped borrowers, are widening the income gap between black and white families and pulling people into “debt traps,” Mark Pearce, president of the Center or Responsible Lending, said in a conference call explaining the study results. The center is a division of the Durham-based Self Help Credit Union, which makes loans to low-income borrowers. (more…)
In some respects, I am for these types of outfits as many of us do need that extra hand from time to time before payday. However, I would have to say that I am more against these types of businesses than for them as they make it easier to be habitual about borrowing money at high interest. What I totally don’t like is the fact that as the article mentions, these businesses are seen mostly in low-income areas. In short, it keeps the poor POOR.
A while ago, I was approached by someone to buy a “payday” business in Atlanta. I thought about it for about 3 seconds and turned it down. It just did not feel right to me at the time. My feelings have not changed since then.
I dunno, the thought of charging people in the low income bracket high interest just does not seem right to me.
Just my 2 cents (with no interest).
Sphere: Related Content
Comment Form
You are viewing a mobilized version of this site...
View original page here
No Responses to Gettin’ payd! (without a check)
Keith
March 23rd, 2005 at 10:20 pm
It’s the same here in Denver.
Go to an area of town called ‘Five Points’ which is mostly low income black and hispanic with a sprinkling of white people and the Payday Loan places seem to be on every corner, right next to the liquor store.
Go to ‘Cherry Creek’ which is mostly upclass white… I know of no payday loan places within three miles.
I despise the payday loan because they in the truest sense rob their customers.
Eat green beans every day until payday folks, because most will end up spend six months paying off one payday loan.