What took the OFT so long with the pay-day loans? Didn't they see the TV ads for 2,435% APR loans? http://ow.ly/isygM
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@bazzacollins the other thing is, payday lending isn't actually very profitable. The rates are high, but that's offset by unpaid loans. -
@drpizza That's because they're lending cash to people who can't afford to take the loans in the first place. -
@bazzacollins yes, but conversely, those people are taking those loans out of necessity. -
@drpizza Question is whether the pay-day companies are helping those in poverty, or exacerbating the situation. I lean to the latter. -
@bazzacollins that is the key question, but it doesn't appear to be the question that is actually being investigated.
End of conversation
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