Great letter from CFSA’s Tommy Moore
March 12, 2009 | Kentucky, alternatives, industry, media coverage, states | Comments (0)Here’s the entire text from today’s Lexington (KT) Herald-Leader:
Limits on payday lenders ignore need for services
I doubt I’m alone when I say that limiting the amount of financial options provided to consumers doesn’t exactly register as an act of consumer protection.
Advocating in a March 10 editorial for a 36 percent annual rate cap is synonymous with advocating for the elimination of payday lenders because, believe it or not, there is no way this industry can stay afloat by charging $1.38 on a $100 two-week advance.
Alexandria, Va.
Pretending like there is no demand for short-term credit and forcing payday advance customers to choose between more expensive alternatives, like bounced check fees or overdraft protection, is more like the antithesis of what consumer advocates should be fighting for.
Adults should be given all of the information they need and then be allowed to make the decision about what financial products work best for their families and their individual situations.
Tommy Moore
Executive Vice President
Community Financial Services Association
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