The debt trap at the core of small-dollar loans that come with triple digit interest rates and debt traps has generated an unprecedented groundswell of national and local attention in just a few days. The multi-billion dollar payday lending industry is making headlines and more from prosecutors filing criminal charges, to grassroots activists gathering support for strong federal rules, and cable television personalities poking fun.
On August 10, the barrage of present attention ended up being heightened whenever John Oliver, host of HBOвЂ™s a week ago Tonight, committed a portion of their hour-long show to reveal the pernicious nature of predatory payday financing. In 16 moments, Oliver rattled down a string of zinger responses which were because unforgettable as these people were real. Utilizing a number of the industryвЂ™s protection lines as lead-ins, Oliver turned them into hearty laugh lines.
After citing shop names like Quik money and Kwik Kash, Oliver posed the rhetorical question
вЂњWhat can become more reassuring than a company that canвЂ™t precisely spell either their item or the speed by which they obtain it for you?вЂќ
Noting the declare that the payday industry is just fulfilling client needs, Oliver quipped, вЂњItвЂ™s also well well worth pointing down that the consumer interest in heroin is overwhelming and therefore does not suggest it is a product youвЂ™d fundamentally recommend to friends to obtain them away from a jam.вЂќ