Obama Vows to Rescue Those ‘Trapped’ By Payday Loan Scams
Americans who willingly walk into payday loan stores each week and stupidly sign up for absurdly high-interest credit loans are now being promised rescue by President Obama.
In his weekly address, the president spoke of the new rules recently set forth by the Consumer Financial Protection Bureau that targets the millions of Americans who are “trapped in a cycle of debt” by using payday loan services.
“The idea is pretty common sense,” said Obama. “If you’re a payday lender preparing to give a loan, you should make sure that the borrower can afford to pay it back first.”
During his trip to Alabama last week, Obama noted that the number of payday loan stores outnumber McDonald’s restaurants four-to-one in the state. And that must change, according to the president.
“As Americans, we believe there’s nothing wrong with making a profit,” Obama said, “but there is something wrong with making that profit by trapping hard-working men and women in a vicious cycle of debt.”
The president blamed Republicans for focusing on the wealthiest minority of Americans in their latest budget proposal. He said, “I don’t think our top economic priority should be helping a tiny number of Americans who are already doing extraordinarily well, and asking everybody else to foot the bill.”
Obama ended the address with the oft-promised fight for the middle class, to give them “their fair shot” and ensure they “get ahead.” One quick fix: Don’t walk into payday loan stores.