This is nonsense
April 8, 2009 | Illinois, federal legislation, industry, regulation | Comments (0)Sen. Dick Durbin held a news conference in Chicago yesterday to discuss his 36% cap bill. This jumped out at me from the story:
“People need access to good and clear credit,” DeLaforgue said. “But we don’t need access to unfair, predatory loans that strip people of their dignity, strip people of their assets and send them into bankruptcy.”
Lynda DeLaforgue is co-director of Citizen Action. I think she knows better than to say that payday loans “strip people of their assets” (they are uncollateralized loans) or force them into bankruptcy. That’s just spreading lies.
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