Spoon fed
September 30, 2009 | Center for Responsible Lending, Wisconsin, industry | Comments (0)Wisconson Rep. Gordon Hintz sounds like he’s been spoon fed by Center for Responsible Lending. From his guest piece today in the Appleton Post Crescent:
A two-week loan of $200 rolled over four times costs an additional $200 for a 10-week period. The average number of rollover loans in a year is 13, although the industry would have you believe that each loan is an independent transaction.
The industry would have you believe? The data collection agency that reviews payday lending frequency in other states, says CRL has misused its data by implying that each new loan is a “rollover” and not a new independent transaction. Rep. Hintz, you are being misled,
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