Winner for most untruths in a payday lending column
May 7, 2008 | Center for Responsible Lending, Cincinnati Enquirer, Ohio, industry, industry critics, media coverage, regulation, states | Comments (0)The winner is Carolyn L. Dessin, a law professor at Akron School of Law. In a column today on the Cincinnati Enquirer she essentially repeats every half-baked opinion of the Center for Responsible Lending.
Here are just a few of the ”facts” that make Professor Dessin the “winner.” Payday Pundit’s points are in CAPS.
She says: “The people who seek payday loans are generally in extremely bad financial shape.” THERE IS NO EVIDENCE OF THIS. PLEASE CITE A STUDY, PROFESSOR.
She says: “No responsible lender would lend to many of these borrowers.” WHAT? ALL PAYDAY CUSTOMERS ARE BANKED, MOST HAVE CREDIT CARDS, A LARGE PERCENTAGE HAVE MORTGAGES.
She says: “The Center for Responsible Lending notes that minority and female borrowers take out a disproportionately high number of payday loans, as do members of the military.” MEMBERS OF THE MILITARY DO NOT HAVE ACCESS TO PAYDAY LOANS. AS FOR WOMEN AND MINORITIES, THE PROFESSOR SEEMS TO BE IMPLYING THAT THEY ARE NOT CAPABLE OF MAKING GOOD FINANICAL CHOICES. CLASSIC ELITIST CONDESCENSION.
Professor Dessin, you need to learn to think for yourself, not take talking points from the Center for Responsible Lending.
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