Financial services that prey on the poor and uninformed are undermining social stability everywhere. Just one symptom of the widening wealth gap, payday loan franchises have enjoyed a boom phase over the past decade. This has reduced the ability of users to consume and subsist going forward. In the end, the economy and taxpayers pay a compounding price when we allow financial service companies to strip-mine the masses of liquid savings and income.
Robbie McCall started using payday loans after he had to stop working because of his health, and had trouble making ends meet with his disability cheques. What started as a $200 loan took nine years to pay off. Here is a direct audio link.
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