Conclusion

Julian Bond, chairman of the Board of the NAACP, says "Visits to payday lending stores—which open their doors in low-income neighborhoods at a rate equal to Starbucks openings in affluent ones—are threatening the livelihoods of hard-working families and stripping equity from entire communities.




The NAACP is dedicated to eliminating payday [lending], because wealth-building and saving for the future are vital to the economic success of communities of color." Observers like Bond are attempting to alleviate a symptom of poverty by hampering the freedoms that enable people to exit it. If the government steps aside, a free market will continue to reach out and draw the unbanked into the financial mainstream.