Everyone is blaming payday loans

“Payday loan customers who are approved on their first application are more
likely to file for bankruptcy than those whose initial applications are denied,
according to a study out of Vanderbilt Law School.”

This article title “Payday loans create bankruptcy danger” places an interesting spin on things. What it proves is that payday lenders will just not give a loan to anybody.

I also believe that this finding is purely incidental. Most of these people would have filed bankruptcy anyway b/c of the combination of credit cards and negative savings.

To further discredit this study, many people do not have enough debt to file for bankruptcy. People who are denied a payday loan sometimes do not make enough money to qualify.

Bankruptcy has 100% to do with personal responsibility and not payday loans. If you want to blame payday loans you should also blame: consumerism, credit cards, low wages and my dog.

The problem today is that it’s part of the credit system and the intellectuals of the world just want to point the finger and scapegoat this community.

by admin

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