Democracy Now! with audio and video:
Lawmakers and public officials in California, Ohio, South Carolina, Missouri, Washington and other states are attempting to crack down on the controversial practice known as payday lending. Payday loans are short term loans or cash advances secured by a post-dated check. The annual interest rate for these loans can be as high as 400 percent – ten times the highest credit card rates. Today, it’s a $40 billion industry with more than 22,000 stores. We speak with journalist Daniel Brook about his Harper’s magazine article, “Usury Country" and with Ginna Green of the Center for Responsible Lending.
Daniel Brook, journalist whose work has appeared in Harper’s, the San Francisco Chronicle and the Boston Globe. He is author of “The Trap: Selling Out to Stay Afloat in Winner-Take-All America.” His article “Usury Country: Welcome to the Birthplace of Payday Lending” appears in the new issue of Harpers.
Ginna Green, spokesperson for the Center for Responsible Lending.