Comments on: Payday Loans: Hypocrisy of Federal & State Legislatures http://www.bloggernews.net/121406 High-quality English language analysis and editorial writing on the news. Thu, 16 Feb 2012 21:57:25 +0000 http://wordpress.org/?v=2.3.3 By: cindy http://www.bloggernews.net/121406#comment-1376573 cindy Sat, 08 Aug 2009 18:49:18 +0000 http://www.bloggernews.net/121406#comment-1376573 I am in total agreement with Mr Meyers. We hear about how high the APR is on payday loans, yet look at the much higher apr on a bounced check, the high cost of having to reactivate your electricity if turned off, late fees etc. Consumers of payday loans really do not care about the dang APR anyways, they care about keeping their darn lights on. I can understand some consumer protection but in this area let us make our own decisions. This is assuming that we are all ignorant and cannot make our own choices of what is good for us. I am in total agreement with Mr Meyers. We hear about how high the APR is on payday loans, yet look at the much higher apr on a bounced check, the high cost of having to reactivate your electricity if turned off, late fees etc.

Consumers of payday loans really do not care about the dang APR anyways, they care about keeping their darn lights on.

I can understand some consumer protection but in this area let us make our own decisions. This is assuming that we are all ignorant and cannot make our own choices of what is good for us.

]]> By: Big Brother Too http://www.bloggernews.net/121406#comment-1316670 Big Brother Too Wed, 01 Jul 2009 17:26:03 +0000 http://www.bloggernews.net/121406#comment-1316670 Time and time again, the arguments for the short-term loan industry are endless, but the arguments to reject the industry are always based on the premise of "consumer protection." Consumer advocates always paint a picture of poor, helpless, uneducated, ignorant individuals taking out multiple payday loans and not being able to pay them back because they don't have any other options and then become "entrapped" in a spiral of debt. There are more than a handful of things wrong with the above assumptions and most importantly, they strip any notion of personal responsibility and accountability from the customer. Time and time again, the arguments for the short-term loan industry are endless, but the arguments to reject the industry are always based on the premise of “consumer protection.” Consumer advocates always paint a picture of poor, helpless, uneducated, ignorant individuals taking out multiple payday loans and not being able to pay them back because they don’t have any other options and then become “entrapped” in a spiral of debt. There are more than a handful of things wrong with the above assumptions and most importantly, they strip any notion of personal responsibility and accountability from the customer.

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