Payday Loans

There is growing concern about so-called payday loans - short-term, high-rate loans often marketed in poor neighborhoods and to African-Americans. Concern recently changed to controversy after reports that Kweisi Mfume, president of the National Association for the Advancement of Colored People, told a trade group for payday lenders that there was an ongoing need for their services. Tavis Smiley asks Mfume what he really said. Later, correspondent Karen Grigsby Bates talks with Congresswoman Maxine Waters, a critic of the payday loan industry, and Rick Lyke, spokesman for the trade group that invited Kweisi Mfume to speak at its annual convention.

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