“{Payday lenders} do it because it’s profitable.”
June 27, 2008 | personal finance | Comments (0)Ah, duh. As opposed to all the other business that do it because they have nothing better to do. This article from Indian Country is outrageous in two ways:
- First, it totally distorts the recent hearing in the Senate Indian Affairs Committee. The author says, “…there were more witnesses from the payday lending sector than consumer advocates.” There was exactly one witness from the payday lending industry who was accompanied by a researcher. There were several consumer consumer groups and Native American groups represented.
- Second, the author says, “it struck me how similar the landscape is on the borders of both military bases and Native communities, especially reservations: payday lenders and pawnshops as far as the eye can see.” This is a lie. The charts that were presented at the hearing showed the payday lenders were located in the populated areas of Indian country states, not near reservations.
It’s been apparent for years that critics of the payday lending industry have to distort, exaggerate and use anectodal information because the facts just don’t support them. This is another great example.
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