Do Payday Loans “Victimize” People?
By Jay Fleischman, New York Bankruptcy Lawyer on Apr 26, 2007 in General Bankruptcy Information
Over at AllFinancialMatters, a post about personal responsibility when it comes to payday loans. Though the author (someone with whom I usually agree) is clear that he dislikes payday loans, he does say
why is it that every time there’s a problem, it’s always because people are victims of something? What the heck happened to personal responsibility? If people are victims of anything, it’s their own lack of sound judgement. Seriously, if people didn’t use payday loans there wouldn’t be payday loan companies.
Like I said, I usually agree with this blog’s author. But I think he misses the boat on this one inasmuch as he seems to think that people turn to payday loans willingly. The fact of the matter, however, is that people who take out payday loans do so because they don’t have any other options for financing. They have poor credit, make barely enough to live on as is, and are constantly faced with the pressures of having more expenses than income.
When the landlord is pouncing on the door demanding rent, the kids are crying because the kitchen is empty, and the electric company is hauling the meter out of the house for non-payment, what would you do?
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