In Rick Perry's Texas, A Safe Haven For High-Interest Payday Lenders

I have to admit, there seems to be a 'payday' loan place everywhere. I am surprised that is just coming out. I would suggest to Rick Perry that he bow out gracefully.

In his three months in the national spotlight, Texas Gov. Rick Perry has presented himself as a champion of government deregulation, an advocate of paring back rules and agencies that he says prevent Americans from improving their fortunes.

But back in his home state, Perry has proven a reliable to ally to one powerful local industry that has successfully exploited weak regulations to improve its own fortunes at the expense of its customers, assert critics: the payday lending business. These businesses populate strip malls throughout urban and rural Texas, charging hefty fees that effectively mean interest rates reaching 1,100 percent annually for desperate consumers borrowing against their next paycheck to make ends meet.

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