Letters to the editor: Payday loans are debt traps
Letters to the editor: Payday loans are debt traps
Payday loans are debt traps
January 14, 2006
Vicki Woodward's Jan. 9 letter ("Payday lenders fill a needed void") criticizes Novelda Sommers' article on predatory lending for "failing to mention a few key facts." But Woodward's letter failed to mention the most important fact of all. It is the dirty little secret the payday lenders don't want legislators and the public to dwell on. What is this fact? Payday loans are really not loans at all but cleverly designed debt traps.
First, the payday lender lures its victims into the trap: "Get up to $500 cash now," "No credit check!" "First loan free!" The "borrower" doesn't realize until it is too late that he can't pay back the loan in two weeks, and he is now trapped into getting another loan and another and another because he can't let the payday lender bounce his check.
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Payday loans are debt traps
January 14, 2006
Vicki Woodward's Jan. 9 letter ("Payday lenders fill a needed void") criticizes Novelda Sommers' article on predatory lending for "failing to mention a few key facts." But Woodward's letter failed to mention the most important fact of all. It is the dirty little secret the payday lenders don't want legislators and the public to dwell on. What is this fact? Payday loans are really not loans at all but cleverly designed debt traps.
First, the payday lender lures its victims into the trap: "Get up to $500 cash now," "No credit check!" "First loan free!" The "borrower" doesn't realize until it is too late that he can't pay back the loan in two weeks, and he is now trapped into getting another loan and another and another because he can't let the payday lender bounce his check.
Online Free Recipes
Sales Books
Perception of a Difference
Chicken Recipes
Famous Quotes
recipes
sell 2 us
Chicken Recipes
Gatlinburg Cabins
Funny Quotes
Payday Loans
Famous Quotes
Chicken Recipes
Auto Insurance
Easter Recipes
Crock Pot Recipes
Funny Jokes
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