There has been a lot of coverage in the news lately about payday loans and check cashing services. They routinely take advantage of people in hard financial times, charging them interest and fees up to 300% per year. Because of the predatory nature of these services, there has been a strong push for legal oversite.

But these types of predatory practices are much more widespread than one might think. Consider credit cards. The way a credit card company makes a lot of money is when someone can not afford to pay off what they charge and must maintain a balance for an extended period.

Large car manufacturers are also in the game.   Continue Reading »