Loan Sharking Datapoints of the Day

Felix Salmon submits: A picture tells, in this case, 2,833 words:

John Lounsbury submits:MSN Money and The Wall Street Journal have combined to produce an article detailing some of the problems that exist for those with college loans debt. Among the situations cited is a 41-year old MD with $550,000 outstanding college debt.

When Jeffrey Smith needed some quick cash to pay a medical bill, he turned to a payday loan store near his home outside Phoenix.

When Jeffrey Smith needed some quick cash to pay a medical bill, he turned to a payday loan store near his home outside Phoenix.

Today's guest feature is a short overview of payday loans and the upcoming financial overhoaul. Not as big a part of the economy as investment banking, the loans are what a growing number of Americans have to turn to patch their budgets.

The payday loan industry, threatened by Congress with extinction, has deployed well-connected lobbyists and hefty sums of campaign cash to key lawmakers to save itself.

Some of the UK's poorest people are starting the new year in severe debt after borrowing from loan sharks, a report says.