People just believe what they want to believe. Having been part of the PDL industry for quite awhile, I’ll say that the payday loan product has absolutely nothing to do with the mortgage crisis.
In the end, most of the people that consumer groups “look out for” don’t want to pay anyone back, if they don’t have to regardless of the interest rate. I can’t believe the junk newpapers will print.
Deeming Illinois “the Wild West of payday loans,” about 75 people from across central Illinois gathered Saturday at First Presbyterian Church downtown for a predatory lending summit. But it was visual bits that portrayed the Central Illinois Organizing Project’s most graphic messages, including a mock funeral with black-draped coffin marked “the American Dream”
Well guess what, the people that offer services have a right to “the American Dream” also. There is definately a happy medium between 36% and 600%. Lenders are moving towards regulation. The biggest problem I see is that the people who want to get rid of the payday product probably don’t use it.
Here is a much better (and hilarious) explanation of why we’re in a mortgage crisis.
One Comment