Can’t they give it a break?
March 27, 2010 | federal legislation, industry | Comments (0)It’s the weekend. The Payday Pundit needs his relaxation. Instead, I woke up to this drivel from columnist Bob Herbert in the New York Times:
The dragons lurking in the fine print of some credit agreements are enough to give you heart failure. Payday loans, for example, typically carry annual interest rates in the vicinity of 400 percent. Or look at the lineup of fees, penalties and interest rates on your credit cards and overdraft privileges. Don’t even start on mortgage abuses. That would take too long, and it’s too depressing.
What’s depressing listening to columnists and critics lump a $345 loan in with mortgages and credit cards.
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