In reply to onlyabill.

"There should be some regulations for sure. Clear terms that spell out the loan features: interest rate, length, amount borrowed, amount actually paid back, etc. but nothing that restricts access or confines the implementation of services. The market will then work it out and consumers will get the best options."

Now it has taken a long way but here is where we both agree...
:) I think we have now come to the same.

Now the housing bubble was not the governments fault, the banks took on loans without proof that people could repay it ... the lenders failed to do due diligence and it was probably a bank wide program to make some people rich while pawning the risk off... greed is a thing that just gets out of hand 100% of the time because many people dont see the harm that giving out loans to people who cant afford it and then selling it to someone else really was going to do, the people who originated these loans dumped the risk on others shoulders and then they berried the details of CDS in investments to hide them within investment risk.. No illegal just immoral.... but thats off the point... your credit card statement says a few things that payday lenders should, in plain and clear english, amount due, when, how long it will take to pay it off at the min payment, and other information would be as you said the correct stepps...