The benefits of credit
April 18, 2008 | personal finance | Comments (0)Kurt Davis, a law student at the University of Virginia, has a profound column in the Virginia Law Weekly. He essentially argues that there is wise debt and bad debt, good consumer choices and bad ones. He opposes regulation, but encourages financial literacy and a balance between savings and debt.
While Mr. Davis’s piece is mostly about the housing crisis, some of what he says has relevance to the payday lending debate. From the piece:
“While bad times may increase urgency and force quick reaction, paternalism should not be the medicinal remedy for any situation. In its best-case scenario, it would stop some Americans from unwittingly entering into situations that will hurt them in the end. At the same time, it will severely limit those Americans who wittingly play the American market to their advantage through smart investments.”
The Payday Pundit agrees.
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