NPR has the story Payday Loans — And Endless Cycles Of Debt — Targeted By Federal Watchdog.

For millions of cash-strapped consumers, short-term loans offer the means to cover purchases or pressing needs. But these deals, typically called payday loans, also pack triple-digit interest rates — and critics say that borrowers often end up trapped in a cycle of high-cost debt as a result.

On Facebook, Senator Jeff Merkley of Oregon posted the link to the above article. Merkley said the following:

Now we’re getting somewhere! This week the CFPB announced new rules to crack down on the abusive cycle of payday debt.

There is one thing missing from the discussion. What would these people do if they did not have access to payday loans? To complete the story and make it even more credible to the most cynical, we need at least one story that compares the situation of the victim after the payday loan to where they would have been had they not received the loan.

The payday lenders are claiming that they are performing a service. We need a direct refutation that proves that the victims are not better off than they would have been had they not received the “service”.

I want to put a nail in the coffin of this business that cannot be unnailed.