Bill Clinton
“With fees and interest, people with one of these loans (payday loans) wind up paying interest of 40% to 500% and as a result a lot of people are going bankrupt quicker because they don’t have access to ordinary banking services.”
At a speech in Detroit on Sunday, Former President Bill Clinton urged people to put pressure on banks to open up their businesses to lower-income families…
Getting more low-income Americans into the regular banking system (rather than depending on payday loan shops) is one of Clinton’s many causes.
Clinton also said payday loan shops:
- outnumber McDonald’s restaurants
- are a risky quick fix
Bill Clinton was the 42nd President of the United States. He served from 1993 to 2001.
Sources:
Clinton Closes NAACP Event by Kathleen Gray (Detroit Free Press)
Clinton Urges Detroiters to Tend to Their Health and Finances (MSNBC)
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