Postal Banks

[Medius]

[Indy]

I believe the personal debt ratio declined noticeably post-2008.

[Saz]

money isn't free. Actually I guess it is thanks to Obama and qe.

Money isn't free, for poors.

[Kachar]

Sanders has some good idea's. The problem, even if he was President, he has little to no way to implement them. To fight against the powers that be is near impossible.
I agree that Government can't handle money and would turn this good idea into another way of robbing people of their money.

Payday loans can be a good thing if people used them right. The interest that everyone is so appalled by is charged by banks in an underhanded practices to even a higher amount. The financial regulators make Payday loans list their services on a yearly interest basis. Let's see if my old brain can explain that.;

If you bounce a check at your bank they charge you $25 to $50 bucks. Even If you are $5 over in your account, boom...$35 bucks give or take. Now split that into a yearly interest rate.
If you use a Payday loan to just cash a check it is $20 to $35, sometimes as low as $5. Say it is a week away from Payday and you blow a tire, need to see the Doctor...................... write a post dated check to Payday loan, pay $20 fee, per week. If your smart, you pay off that loan on your next payday and that is all it will cost (give or take $$$ depending on which Payday service you are using). Payday loans try to charge less than what a bounced check would be to get this business from banks. Where people get in trouble is when they start just making payments instead of paying it off.

So the Financial reg's take that weekly loan from Payday loans and turn that into a yearly interest. If they did the same with Banks overdraft charges, the interest would come out being higher.

Some banks even charge a daily fee as long as you are carrying a negative in your account. $5, 7, and I've even seen $10 bucks PER day!

So to use a Payday Loan service is smarter than bouncing a check. Not paying that loan off on your next payday is putting the interest rate noose around your neck.
As far s just cashing a check, paying a fee, it is not much different than cashing your check (with fee) at a grocery store. But with the Payday loan service the Finance department makes Payday loan services mark and show that fee as a yearly interest charge.

No doubt devised from the Bank lobby pressure on the Finance department.

[spacemonkey]

Credit is the tool created to make one man the slave of another.

[Spider]