Fourteen states prohibit payday financing, calling it predatory. The federal government is stepping in, too. But also for those that require the cash, you will find few choices.
- By Simon Montlake Staff Writer
A trio of outsized blue guitars mounted on a telegraph pole face onto the fertile farmlands of the Mississippi Delta at a highway junction outside town. In blues mythology, this crossroads is The Crossroads, where guitar player Robert Johnson traded their heart to the devil for musical genius. Today it is a stoplight on Highway 61, a sun-baked strip of discount malls, gasoline stations, fast-food joints вЂ“ and half dozen shops providing quick money..
For Jennifer Williams, a high-school instructor, it is a strip of financial obligation and pity and heartache. For decades, she’d invest every payday shop that is certainly going store, wanting to keep pace repayments, even while sliding deeper into financial obligation. At one point she owed thousands to nine cash advance shops in three towns.
вЂњThose places would be the devil. When you have covered involved with it, it is difficult to move out,вЂќ she claims.
Tales like hers have shone a spotlight that is harsh an ecosystem of alternate finance that affluent bank clients seldom see.