NYT: Seductively Easy, Payday Loans Often Snowball

"While such lending is effectively banned in 11 states, including New York, through usury or other laws, it is flourishing in 39 others. The practice is unusually rampant and unregulated in New Mexico, where it has become a contentious political issue. The Center for Responsible Lending, a private consumer group, calculates that nationally payday loans totaled at least $28 billion in 2005, doubling in five years."

Read the complete article at:

http://select.nytimes.com/gst/abstract.html?res=F60A14F93A550C708EDDAB0994DE404482