Usury incorporated: Some lending practices are simply defective

Product recalls happen all the time. A Wisconsin company just issued a recall on 2,500 pounds of ground beef possibly contaminated with E. coli. Car seats, cribs and strollers are frequently recalled for shoddy manufacturing or simple failure to consider the ingenuity of infants. And everyone remembers the recent high-profile recalls of peanut butter (for salmonella) and Toyotas (for faulty accelerator pedals). But two defective products on the market in Alabama won't ever be recalled by the companies that make them: payday loans and automobile title loans.

This op-ed by ACPP policy analyst Stephen Stetson examines the defective products of predatory lenders.

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