Payday loans have a value
I am confident that many of the ones rallying against the payday loans are doing so with good intentions, albeit being very misled. I am just as sure there are individuals who have succumbed to a debt cycle with payday loans. But not just with payday loans, rather in a debt cycle that encompasses many forms of short-term, short-maturity loans of low value.I see several filings of bankruptcy; it is always shocking and amazing how much debt these people have occurred, e.g. two, three or four new cars, boats, motorcycles, four wheelers, furniture. They purchase it on credit – not with payday loans. Then, they default on most of these loans, sometime going to a payday lender trying to stay their escalating late fees or overdraft charges, with this lower cost alternative. The lenders and the public, as a whole, suffer when the irresponsible borrowers default on their debts.
This “I want it now attitude” is what is wreaking havoc – not the payday lender providing a viable service. It’s sad when our faith centers will not seek the truth. If they did, they would know that payday loans are an economical option compared to late fees, overdraft protection and various other surcharges for a short-term monetary advance.
Larry Hughes
Lebanon, Va.
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