On Thursday, President Obama is traveling to Alabama, where he is expected to discuss payday loans, among other economic issues. Since the early 1990s, the brightly colored storefronts of payday lenders, with subtle names like CASHMONEY and CA$HMONSTER, have sprung up in (mostly) low-income communities across the United States. Alabama has one of the highest numbers of payday lender stores in the country, and policy makers in the state are trying to crack down on such “predatory” lending practices.
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