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 “predatoryâ€, 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 meâ€, and “I’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.  I read …
(read the rest of the article HERE)
1 user commented in " Reply to Loren Steffy’s Houston Chronicle Blog on Payday Loans "
Follow-up comment rss or Leave a TrackbackIts a very good article.I read all those things are faboulus.
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