Who'd want to dominate Akron, anyway?

[annissamazing]

Do you remember in The Hitchhiker's Guide the part about Frogstar B and the overabundance of shoe stores that eventually toppled the economy of the planet?

I think Akron has something similar to this going on with cash advance businesses. I'm beginning to think there's something insidious happening. They're everywhere. There's at least four in the immediate Chapel Hill area with more opening all the time. Kevin tells me that when he bought his house, he had to use one because he didn't have enough cash to pay his bills even though payday was just around the corner. That's fine, but how many people are in this situation to warrant so many of these stores? How are we getting overextended so often? I'm not exactly innocent here. I have my debt. I have credit cards. But I also have enough money to pay them (usually more than the minimums even) when the time comes to pay them.

Comments

[insatia.livejournal.com]

For now they are an unregulated business. They charge in the neighborhood of 500% interest for a cash advance. If you don't believe me, go into one and examine the fine print. The one up the street from me actually has a fairly large sign with a listing of the fee and what that equates to as an interest rate.

I had to use one once. But I can see how they can be a trap. When I started to leave I wanted to ask what they were going to do with my check. When the teller saw me hesitate he asked me if I needed another payday loan. I said "No" and quickly left.