Lie to me, I won’t believe
Jeopardy answer: "What has Jerry Harper thrown up?"
Jerry Harper, a Lawrence Journal-World reader from Lawrence, Kansas writes in a Letter to the Editor that he’s fed up with cash advance lenders. Then he begins to parrot up the crackers that he’s no doubt been force fed by either a media outlet with a sensationalist ax to grind or direct from the Center For Responsible Lending. It’s wrong and we’ve heard it all before. A repeated lie will only become the truth when people stop caring.
The framework for Mr. Harper’s diatribe is discussion of a previous Letter to the Editor from Robert Baker, who Harper feels “was far too modest in describing Housing and Credit Counseling Inc.’s (HCCI) help for the financially distressed; and, far too polite in characterizing the payday loan industry.”
What’s got him twisted?
Imaginary interest rates. How original, Mr. Harper. After making unfounded, incorrect statements about sending consumers into bankruptcy, Harper parrots the “loan shark rates” of 391 percent to 441 percent annually. He even points out that the “Congressional Research Service” says this is so. Great, but payday loans aren’t annual loans. I guess “Congressional Research Service” studied apples when everybody is talking oranges. After this gaff, Mr. Harper calls for the 36 percent APR cap that would lead us all into the promised land… of increased joblessness. Bad idea. ... click here to read the rest of the article titled "Don't Brick Your Way to Cash Advance Ignorance"
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