Jamie Fulmer, spokesman for Advance America (a CFSA Member), had a letter to the editor published in the Jackson Clarion-Ledger yesterday, where he discusses the importance of short-term lending. As a response to a recently published article, Fulmer had this to say:

Your article described short-term loan customers as those “without access to other credit.” But when facing such a shortfall, consumers say they consider the pros and cons of credit cards, overdraft programs, and cash advances from banks, credit unions, and retail lenders.

They also weigh the costs and consequences associated with missing bill payments or submitting them late.

Consumers thrive in a competitive, regulated financial services environment. The Mississippi Legislature approved meaningful reforms last year, preserving access to a variety of regulated options and implementing consumer safeguards. That was step in the right direction. But we must continue to ensure that consumers are equipped with all of the information they need to compare services and make informed choices.