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by thaumaturgy
2695 days ago
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It is unbelievably arrogant of so many people to keep ascribing motivations to other folks they haven't even talked to. Hey, it's great that a pawn shop helped you out in your case, where you didn't have a credit card or apparently any other option. That doesn't even a little bit offset the predatory nature of payday loan outfits, and they are predatory. I have no problem with people who want to loan money to other people who have trouble getting loans. I do have a problem with turning it into a business practice that brazenly targets poorer communities and levies fees and interest rates that ensure that poor people stay poor. But, if it helps make this a more black-and-white issue in your mind, sure, keep believing that people like me are in favor of payday loan regulation just because of our moral superiority complex. |
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I support one part of the legislation (limiting debits to user accounts).
I don't support another part of the legislation that would basically create a regulatory burden that would make payday lending more akin to credit cards.
As a thinking person, I research what I support and don't.
I look into whether what I support will actually help. This should apply doubly if I'm supporting congress to limit someone else's freedom to associate and engage in 'in state commerce'.
I'm supporting something based on my own personal experience.
Details matter. Let's not keep it at the level some people seem to not be able to get past: "pay day loan bad, people suffer, make illegal, people not suffer". This requires two assumptions: 1- all/the vast majority of pay day users are suffering because of they are stupid and NEED your smart help and 2: no one will offer pay day loans illegally and collect with a bat.