I don't know how many caught the Frontline program on PBS (as I said the pod cast can be reviewed at PBS.ORG) BUT: one thing that is overly abundant in this area are the Title/Payday Loan companies. Most of these are owned by out of state corporations. Did you know that the APR on these places are over 400%? Not that they make loans for more than a short amount of time: they are WORSE than credit card rip offs and many of them are trying to sucker the poor folks who use them into registering for a credit card through this company. Can you imagine the interest rate for THESE cards? It seems like the TD and the local officials are always concerned about the image of this area; especially when trying to get dignitaries or CEO's from prospective companies are visiting. How does it look to drive down any of the main thouroughways and see one after another of these loan shark companies. We can blame our legislature for being bought off by these near mafia types. You see, Alabama is one of a few "non-banking" states; which mean there is no ceiling on the interest rate either banks, credit card companies, or these loan sharks can charge. And don't tell me these people are doing a service. Take a retiree who only receives $500.00 per month on SS and that is all she has. She runs short in the third week and is lured into one of these places with promises of "no fees" on first transaction. If she returns she is paying $87.50 for a 2 WEEK loan, caught up in a vicious cycle where she is forever indebted to these scam artist. Write Bobby Denton and let him know if you agree with me that these types of organizations should be banned in the state.
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