Gambling debts and payday loans are the talk of the town right now, and rightfully so.
Indian tribes are helping elevate themselves out of poverty and supplying good jobs to their tribe members and others through Indian gaming.
Now they have found an extra source of job security and profits through backing and offering payday loans.
This may be a good way for tribes to generate cash, but not at the expense of people who can not afford it.
Need help with payday loan debt?
This is business and the tribe will follow the laws concerning this practice.
This is the response from Lac du Flambeau President Tom Maulson on what people are calling the practice of getting rich off of the poor.
In essence, a person could run out of money on the gaming floor, run up to their room and get on their laptop and take out a payday loan.
Within 2 hours they can be back on the floor spending next paydays paycheck.
I for one will never roll the dice on this kind of gambling, but many will.
Americans will spend 4.2 billion in fees and interest on payday loans this year without having this kind of instant access.
I hate to see what the numbers will be for next year.
One would be wise to stay clear of this kind of activity and avoid all the pitfalls that come with payday loans.
What are your views on this new practice?
Please leave your comment below!
Return to the top of this page