These brilliant Princeton kids were rushing to the equivalent of payday lenders, to their own long-term detriment.
Third, councils will be given new powers to prevent shops being turned into payday lenders.
Some industries, like payday lenders, fear that the financial overhaul may be a backdoor way for Congress to regulate them, something they have successfully fought for years.
A further 43m people occasionally turn to payday lenders or cheque-cashing stores to get them through the month.
In one of the last acts of the Republican Congress, payday lenders were restricted to interest rates of36% on loans to military personnel and their spouses.
