Dear Loren:

I read your and Olsen’s article on payday loans.  The services are indeed wildly popular.  In reading the OCCC’s reports, over a million loans were made in the first half of the year.
So….if these loans are so “predatory”, then why do people keep using them?  Am I to believe that if someone gets caught in a cycle of debt that, why, they’ll go and do it AGAIN?

If so, then you believe that people are incredibly stupid.

That’s not my experience.   Every time I read a newspaper or see a TV report about someone caught in the cycle of debt, they say two things: “It’s on me”, and “I’ll never use that loan again”.

It is NOT human nature to repeat mistakes, especially ones involving the loss of money.

This makes logical sense, too.   I read …

(read the rest of the article HERE)

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