Pay-day lenders shut down

The state of Arkansas has just shut down its pay-day lenders, all 275 of them. According to the deputy attorney general, they were sucking $25 million out of their victims each year that should have been spent on mortgages, food, utilities, etc. See also here. But the occasion is not an altogether happy one. Many people are now going to be buying lottery tickets instead spending their money on mortgages, food, and utilities, etc. There is always a big market for the sucker's money.