Payday Loans Helping the Economy
We have all been touched by the bad economy here is the United States; whether through job loss, pay cuts, or inflation. While we struggle to spend less, save more, and establish a new normal, the government works to find a solution to all of these problems. One industry that has consistently been pointed out as a contributor to our problems is the payday loan industry. They offer high interest, short- term loans to those who could not get loans anywhere else . However, the number of those arguing against that is growing. They believe that the result is quite the opposite. In fact payday loans are helping the economy.
The payday loan industry is one of the fastest growing industries of the past decade, and probably the only one that is growing during this recession. As a result, they have become a multi-billion dollar industry. Drive down the road and you will see a payday lender on nearly every corner. In return they provide two primary services to the community — jobs and money.
Jobs are something that we are grateful for right now. Payday lenders employee thousands of workers across the country and this number only increases as more stores open their doors. If payday lenders were shut down, unemployment rates would sky rocket.
Recently the city of Phoenix considered laying off nearly 300 police and fire personnel . Fortunately, the proposal did not pass; however the doesn’t change the fact that the city is in need of money. And Phoenix isn’t the only one. Cities all across the country are desperately looking for ways to pump more money into their states economy . Payday loans provide people who otherwise wouldn’t have a dime to spend with money to put back into their communities economy.
Although some people may not be pleased, it is hard to deny the place that payday loans have come to occupy in our society.
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