Lawrence Myers open letter to Ohio Rep. Matt Lundy

I think this is a very good letter by Lawrence Meyers. Please check it out here.

The Ohio legislators are taking the moral high ground on payday loans. They’re obviously not looking at the facts. You have to question their motives when they are so adamant in getting rid of payday lenders. The Red Herring are banks and their overdraft fees.

Lawrence also sites two reports that educate people about payday loans. The Morgan report is here. It claims that households in states that have banned payday loans have higher overdraft fees. The other report, “Study by Yale and Dartmouth Economists Finds High-Risk Borrowers Benefit From High-Rate Loans: Borrowers see wide-ranging long-term benefits” basically says it all in the title.

You can read other posts by Lawrence here.

by admin

Bookmark the permalink.

Both comments and trackbacks are currently closed.