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November 06, 2013


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Andrew Curry

Thanks, Chris, useful post as ever. Of course, another way of looking at this is that it would be possible to run a payday loan business with significantly lower charges and interest rates and still make a "super-normal" profit of more than 10% - and without putting as many as a one-fifth of your customers into a debt spiral.

And your framing on the "customer"/"citizen" split is useful: the other reason that politicians get exercised is that they think there's public impact and public cost that extends beyond the lender-customer relationship (in the same way that surveying the Sun's readers on Page 3 isn't a sufficiently wide sample, for example.)

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