Villianizing payday lending
May 7, 2008 | Ohio, The American Prospect, industry, media coverage, positive media coverage, regulation, states | Comments (0)While I respectfully disagree with blogger Overzealous Apples, he has some interesting thoughts in response to a recent artice in The American Prospect attacking payday lending:
As sweet as it is to see well-fed politicians and wide-eyed religious people wringing their hands over the plight of the poor, they are, as usual, creating a villain that everyone can agree to hate so they can then vanquish the villain and go home with a great feeling of self-righteousness and a job well done without having actually doing anything.
It often seems that the media and politicians ignore the real issues when engaging in the payday lending debate in favor of sound bites and pandering. Taking away the option of a payday loan in places like Ohio will do nothing to alleviate the need. All it does is put people out of work in a struggling economy and force consumers who are trying to make ends meet and face and unexpected expense resort to more costly options.
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