Here’s a strange little item from Jesse Martinez from KFOX14.

Can you spot it?

Mr. Martinez just assumes payday loans are bad.

Is he coming from an unbiased perspective, per the post I made just prior to this one?  Methinks not.

“A city representative wants to keep El Pasoans from falling into debt when it comes to what many consider predatory loans.”

Just who, exactly, is this group identified as “many”?  The media?  Definitely.  Borrowers?  Apparently not.  Yet they’re the only ones that matter.

And wouldn’t you know it, he cites the “high interest rates” claim, the same one I just addressed in my previous post.

But here is the really outlandish sentence: “The provisions would also ensure that borrowers are able to pay off the principal and not be stuck paying interest for years.”

Years?  Nobody pays interest on payday loans for years.  Nobody.   The Texas OCCC has had data available to the public, including the esteemed Mr. Martinez, about payday loans.

36% pay off the initial loan on time.

50% roll the loan over once.

14% roll it over more than once, with an average of 2.4 times.

Years?  Really?

Mr. Martinez did no research for his article, yet there are so many resources available to reporters on this issue.  This is pure laziness, coupled with bias.

Come visit the only nonpartisan payday loan website:

http://www.paydayloanfacts.org

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