Posts Tagged ‘beware the dragon’

by problembear

when you are writing a script it is imperative that characters are well drawn and understandable to the audience. but that is not enough. if there is no tension or if the opposing characters are not evenly matched it is boring and too predictable and people soon lose interest.

now that payday lenders are finding it difficult to argue that interest rates that average 400%  for our working poor are reasonable they are resorting to their worn out script ….

“but where will the poor credit challenged go without us?”

and their companion piece….  “it will put our employees out of work.”

these be dragons folks. in other words, they are a concoction of imagination by payday lenders to make you think that these concerns are real.

now, i think a little plot twist at the end is very important in fiction, but in real life, these two dragons are mythical. first. i have never seen a law stop anyone from making money. you can’t tell me that 36% interest is not profitable and reasonable. second. many states (19 so far) have enacted similar laws and people still seem to survive just fine without being charged 400% interest. and the employees simply move where the money goes.

the thing about payday loans that is never examined is the ease with which they are taken out. ten minutes and no credit check. why? because at 400% interest the payday lenders are making so much that the few people who slip through their formidable collection net are simply meaningless and statistically irrelevant.

but let me ask one question…. what does it say about a nation that allows this slip-knot of easy money which traps people who cannot easily pay the original loan amount into a cycle of debt in the first place? it says that it is ok to be irresponsible with money. it says go ahead and ruin your credit all you want. it says eat live and be merry for tomorrow you die. it says why be an ant who saves for the winter when you can be a grasshopper who dies at the first sign of frost. payday lending  is simply not a healthy thing for our kids working low-pay jobs and our seniors on social security to turn to. it further impoverishes them to the point that already overly burdened non-profits during this recession must step in and support them.

the arguments of the payday lenders are false. beware the dragon…..it sells people on a false fairy tale of easy money that turns into a fire-breathing dragon in the end.

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