Stupidest things we’ve ever heard
November 11, 2008 | Michigan, industry, media coverage, states | Comments (2)Western Michigan University is hosting an “ethics bowl.” Here’s one of the agenda items:
• What would be the most effective and morally justifiable strategy for church and community groups to pursue to reduce the harms brought by payday-loan businesses?
How about letting citizens make their own financial choices?
Comments»
People seeing the payday lending institution as an ethical problem over a useful credit solution should understand the topic at hand before attacking the industry. If ethics are truly the issue with payday lending, why aren’t we reading about how our own banking systems are charging up to 10,000% apr on NSF fees? Why aren’t we complaint about how the American health care system is the MOST EXPENSIVE in the world? There are a million industries for every loan we give out in our industry that can be considered an un-ethical business. What people need to decide is what exactly is considered an un-ethical business, and then apply that definition to every business across the board – not just the businesses the media is telling you about.
It really does all come down to choice. If these states take away to option for consumers to get a payday loan they will go online or get it in some other way.