The payday loan “public option”
January 7, 2010 | Virginia, alternatives, industry | Comments (0)Big Government takes on Virginia’s payday loan alternative for state employees:
There are no other viable alternative products. If there were, they’d be available because of the efficiency of the free market.
No, instead, they choose to spend enormous time and effort to kill the product using unfair competition via a government-sponsored public option, while trying to get the traditional version banned by legislators.
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Make no mistake, government always makes things worse for consumers. We’ve already seen 58 million people have their credit card accounts closed or credit lines chopped because of the CARD Act. We saw consumers in North Carolina, Georgia, and Oregon fair much worse after government banned payday loans in those states. Now we have government directly endorsing and advertising on behalf of a competitor that will do exactly the opposite of what the program intends.
When will government learn this lesson? And when can we, as consumers, be trusted by government to handle our own affairs without their interference?v
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