I read your and Olsen’s article on payday loans.Â The services are indeed wildly popular.Â In reading the OCCCâ€™s reports, over a million loans were made in the first half of the year.
Soâ€¦.if these loans are so â€œpredatoryâ€, then why do people keep using them?Â Am I to believe that if someone gets caught in a cycle of debt that, why, theyâ€™ll go and do it AGAIN?
If so, then you believe that people are incredibly stupid.
Thatâ€™s not my experience.Â Â Every time I read a newspaper or see a TV report about someone caught in the cycle of debt, they say two things: â€œItâ€™s on meâ€, and â€œIâ€™ll never use that loan againâ€.
It is NOT human nature to repeat mistakes, especially ones involving the loss of money.
This makes logical sense, too.Â Â I read …
(read the rest of the article HERE)