Loved this letter
June 29, 2009 | Wisconsin, industry, regulation | Comments (0)Was in the Wausau Daily Herald this weekend:
Support payday lenders
You mean losing half my income to state and federal taxes before I can even see it and getting nothing in return is not predatory?
While the annual interest rates of these small cash loans can be over 500 percent, how many of these loans go unpaid for over a year? Not too many. So in other words we’re supposed to toss out an entire work force all in the name of a few deadbeats who can’t make a payment but can make a lot of noise. Nothing new there. We’re constantly told to support things that cater to the lowest common denominator.
This argument is about competition between lenders and little else. Eliminate that competition and we’re going to see some hurting around for a lot of folks who could use a little help in a pinch.
Patrick Roets,
Merrill
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