Good news?
July 8, 2009 | Daily Press, alternatives, regulation | Comments (2)The nanny-state types don’t recognize their own contradictions. From the Daily (VA) Press:
That’s payday lending. The good news is that from February through April of this year, the number of these short-term, high-interest loans — just to get to payday — was down 87 percent from the 2008 average.
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What’s not known is what people are doing instead. Are they leaning on relatives or friends? Or foregoing some expenditures? To what extent are they turning to the new small loans credit unions are offering? Or to a more dangerous alternative, car-title loans?
Or just missing an important bill payment. But remember, it’s all “good news.”
Comments»
Or losing the House or the Car! I had two customers yesterday that made their house payments on time because of a loan from us. That’s two people who would have been in bad shape without some cash in a hurry.
It’s ridiculous how they ’shoot first’ and ‘ask questions later’. Let’s take away the short term credit option and then worry about what people will do instead afterwards. The really ridiculous part is that this article acknowledges that people need short term credit, but it’s good news that it’s becoming unavailable. No common sense. It shows no regard for the consumer at all.