“better solution” than alternatives
December 19, 2008 | Des Moines Register, industry, media coverage | Comments (0)Great letter in today’s Des Moines Register:
If used responsibly, there are many cases in which these short-term loans can be a better solution than the alternatives. While a payday loan costs $15 for the two-week period, alternatives such as credit-card late fees and overdrawing on a checking account can cost between $30 and $60.
You have to look only to the recent subprime-mortgage crisis to see the negative effects of economic illiteracy. Legislators should focus more on programs that help constituents understand personal finances. That way, borrowers could learn how to make smart financial choices and still have the most possible options available to them.
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