Figured you might see it as a spin, i saw the article more as an effort to explain the industry, it's consumers and past efforts made to solutions not yet found .. the about 10% profit margin of the sector mentioned compared to around 30% of the mainstream financial sector was the most interesting fact, if it is, for me ..
was interesting to then to see the industry exists in Australia, too, with a minimum wage here of $17.29, so that doesn't seem like a feasible solution for you as it will be some years before you get there
and guess you remember what it said about the banks taking over the business .. further regulation will help some, i guess ..
anyway, Colorado seems to be making some progress
"Colorado’s rule focuses on limiting the amount of each payment but doesn’t require underwriting, or checking on the borrower’s ability to repay the loan. Currently, many of the state’s payday lenders simply ask borrowers to show their pay stubs and proof of checking accounts.
The CFPB is expected to require underwriting, a change advocates say could steer some borrowers away from loans they can’t afford, advocates say. State and industry officials say it would also drive up costs for lenders and choke off credit to vulnerable consumers who don’t have access to credit cards or bank loans." http://www.wsj.com/articles/payday-lending-some-states-think-they-have-answer-1458120604
Hope Bernie concedes after next Tuesday. A solid, optimistic and enthusiastic Obama, Sanders and Clinton threesome sounds a good start to a triumphant anti-Trump effort.
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