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Viewpoint: John Oliver skewers lenders that are payday. Now, what you should do about their clients?

Viewpoint: John Oliver skewers lenders that are payday. Now, what you should do about their clients?

HBO’s John Oliver switched their humor-laced outrage on payday loan providers Sunday, keeping them, celebrity pitchman Montel Williams and their legislative allies up for many well-deserved ridicule.

Citing a report that discovered 75% of pay day loans had been removed by individuals who had a need to simply simply just take another loan out before their very first one had been paid back, Oliver stated, “Basically, payday advances would be the Lays casino chips of finance. You can’t have only one, and they’re terrible for you personally.”

The main dilemma for policymakers, though, is payday advances are extremely popular regardless of their egregious terms. (more…)