Someone needs to talk to this guy
April 1, 2009 | Minnesota, industry, media coverage, states | Comments (3)Here’s what John Marty, a Minnesota state senator, said in a guest commentary today in the Bemidji Pioneer:
The typical worker who takes out a $100 payday loan and then rolls it over every payday for six months, will pay over $430 on the loan! If the loan amount is $300, in six months they will pay over $670. This may not sound like a crisis to those who have money in the bank, but when there is no food in the house and no money to pay for groceries, such a debt trap is devastating.
Sir, you cannot roll it over every payday for six months. A CFSA-member company limits rollover to four.
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Perhaps the payday loan put the food on the table . .
This is what this industry is fighting: warped information brought about by sensational headlines and misleading information. It’s amazing how many facts people get plain wrong, as perfectly illustrated with this blur– but insist are right.
Indefinite refinances are bad news. Every CFSA member knows that both morally and professionally. Unfortunately, spoken as fact and laden with ridiculous stats, it’s the aforementioned ignorance of speaking from a position of authority by way of inaccurate bullet points that’s being latched on to.
Serenity Now!
Dan, I don’t think there’s any moral issue involved. People who eat a gallon of ice cream a day are going to have health problems, and you can’t blame the manufacturer or grocer for that and say they shouldn’t be profiting from people’s misery (unless the product was advertised dishonestly), because ice cream can be used in moderation without deleterious effects.
People simply need to learn from their mistakes, and laws which take away their freedom to make those mistakes do them more harm than good. Instead of limiting the amount of ice cream people can buy, the government can require that ice cream be sold with a warning label, that the product is somewhat addictive and that health problems can result from overuse. It can also list a toll-free hotline where counseling can be dispensed. But if people don’t have the freedom to make mistakes, they will never learn to be responsible.