You could knock me over with a feather
February 20, 2010 | Wisconsin, industry | Comments (1)The payday lending industry has received editorial support from a Wisconsin newspaper. We love it. From the editorial in the Milwaukee Courier:
Where these intentions may seem admirable at first glance, what about the people and not just “poor” people who need a financial option that just takes them to their next check. Why do we need legislators to dictate consumer decisions by eliminating their choices? This is also about consumers having options and choices to make our own decisions. The payday loan procedures are quite clear when the loan is being taken.
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Are people going to be forced to go to street lenders for their emergencies? Because a regulation crackdown that eliminates these businesses will not eliminate the financial need that still exists. Are legislators saying that people who may need some financial assistance are not intelligent enough to make their own financial decisions? These businesses do not prey on people they are simply available, in fact they don’t even need to advertise their product. Instead of eliminating options, legislators should find a way to open up the door for more options. If the banks are threatened by this, then begin offering something better. Businesses don’t last unless there is a demand. Look at the need for the demand, don’t attack the option.
Comments»
Great article, although it almost makes the assumption that the legislators cracking down on our industry are ACTUALLY doing it with the good of the American people in mind, and NOT the good of padding their own pockets by shutting down an industry which is hurting bank overdraft fees (aka: the money the banks pay legislators to “see things their way”).
Really a great article, but it’s so frustrating to me to see such an obvious attack on our freedoms by eliminating our choice to choose our own financing options in the NAME OF OUR PROTECTION??? By who? Those who can’t even calculate an APR to save their life? By those who “feel” it’s in our best interest to pay OVERDRAFT FEES?? Hmmm, seems like if they wanted to protect us, they woulds start with Overdraft legislation, although that would assume that anyone in a US government office actually cares about the issues and not who is currently buying their vote.
So, let’s get out there and buy some votes!!