John Oliver on Payday Loans: "Do Anything Else"
Last night, I had a chance to watch John Oliver's great takedown of one of America's worst industries: the payday loan industry.
The whole thing is great, but I seriously want a Kickstarter to buy TV time for Sarah Silverman's ad at the end of this clip about the best options for people considering taking out a payday loan.
In Kentucky, payday loan companies charge an average annual interest rate of 391%. The Kentucky Coalition for Responsible Lending is trying to pass legislation that would cap that interest rate at the still-exorbitant price of 36%. I applied to become a member of KCRL today. You should, too.
If you are struggling with repaying payday loans or other debts, please contact an attorney to get advice on the best way to gain control over your financial life.