They’re beginning to get it
September 29, 2008 | Columbus Business First, Ohio, industry, industry critics, media coverage, states | Comments (0)This balanced Columbus Business First story explains the issue in Ohio as being a question of access to credit:
While advocates and opponents have been arguing over payday lending for the past year, broader issues related to credit have come front and center only recently when the mortgage crisis seized the financial services industry.
That backdrop has emboldened payday lending supporters to question the wisdom of cutting off a funding source. They say payday lending is a critical source of emergency cash, particularly during a time of economic duress.
“This credit crisis is pushing a lot of people to the brink, and payday loans may help bridge their difficulties for a little while to help them avoid foreclosure,” said Victor Stango, associate professor of economics at the University of California-Davis who has studied payday lending. “This might be the worst time to deny people access to that high-interest credit.”
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