PAYDAY LENDING COMPANIES LEAVE ARIZONA

Governments get into debt and must service that debt or their credit rating in the international world will diminish, they immediately tell the working class that  it is our debt and proceed to diminish our wages, either directly if they can or indirectly by inflation for example. This can lead in some cases of workers going to lending companies who charge charging fees that can amount to interest rates of more than 400 percent on an annual basis. In Arizona, State law now caps the annual interest rates for loans at 36 percent. Of course, workers in debt can't claim it's our debt, like the government does, so, as one worker explains,

"I see the places popping up all over town. I can't believe that so many stores can be so profitable with these loans. The Armed Services made all of these kinds of businesses "Off limits" for members of any military service. We also have "title loan" stores. They loan a max of $1500 on late model cares that have to be paid off. So if you miss a payment, your $10,000 car gets repoed for a $1500 loan against it? That's how they make millions too. This maybe a needed industry, sure, but charging 4 or even 5 hundred percent is just not right, no matter what your views. People can judge and say " Get a job, etc, etc, etc" but this industry preys on people who can least afford it, and by nature are forced to the cess pool for financial help. As a country, we can't even agree 9 million unemployed people deserve help with unemployment benefits!"

From a socialist's point of view, this is an opinion shared by most workers, it's wrong, it is not a needed industry, if production for need replaces production for profit that industry will disappear along with money and private ownership of the means of production.