Payday Pundit

In the spirit of Wendy’s great ad campaign from the 1980’s, “Where’s the data?” may just have to be Payday Pundit’s new go to response to critics.  In this piece, Julie McAdory of the Consumer Credit Counseling Service in New Orleans tries to claim a significant number of people are turning to payday loans in order to pay their mortgages:

…[T]oday’s consumer often takes drastic steps to satisfy the mortgage payment.  Some are resorting to payday loans, while others are dipping into their retirement plans.

Please quantify “some,” Julie.  Anecdotal evidence does not make a “trend” no matter how hard the critics wish it so.  From now on, whether it’s claims about “cycle of debt,” or “people are resorting to payday loans to pay their [insert ridiculous debt situation]” we need to start asking, “Where’s the data?”