“Elitist politicians”
January 14, 2010 | Missouri, industry, positive media coverage | Comments (0)Center for Consumer Freedom responds to an article in the Columbia (MO) Tribune:
A recent study found short-term lenders’ average profit before taxes is $1.37 per $100 loaned. Imposing unrealistic fee caps on payday loans to kill the industry will leave consumers — already struggling in today’s economy — without vital access to short-term credit. It would be shortsighted and elitist for politicians to make snap judgments about financial services they’ve never needed themselves and to prohibit financial options without thought of the consequences.
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