We couldn’t resist
December 25, 2008 | industry, media coverage, personal finance | Comments (0)So here’s one post on Christmas Day. From today’s Washington Examiner a guest piece by James Bower of the Center for Economic and Entrepreneurial Literacy:
Simple fees get translated into confusing annual percentage rates. A short-term payday loan doesn’t sound like a good solution when described as a 391% APR. But analyzed the same way, it’s a better idea than bouncing a check where common bank overdraft fees can be as much as 4,954% APR. (Actually, in both cases, the percentage fees are not accurate ways to describe the cost).
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