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We don't have a revenue problem, we have a SPENDING problem


Quote:So "many states ban payday rollovers." It seem like you are just living in the wrong state, and Eric isn't.

Payday lenders have found ways to get around rollover bans.  Just like they've found ways around many other state regulations.


 

Quote: 

 

CRL’s research shows that rollover bans fail to stop payday lenders from trapping borrowers into back-to-back loans, which are simply rollovers by another name.   “When rollovers are banned, industry simply replaces them with back-to-back loan flips that continue to ensnare people in long-term debt carrying an annual percentage rate of 400 percent,” said CRL senior researcher Leslie Parrish. “Payday lenders know this and that’s why they support rollover bans.”
http://www.responsiblelending.org/media-...-trap.html

I was wrong about Trent Baalke. 
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We don't have a revenue problem, we have a SPENDING problem - by The Eleventh Doctor - 05-14-2015, 01:46 PM



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