Thought this column on Payday Loans was worth reprinting. It was written by Mr. Cranford Rigell of the Orlando Sentinel;
“Why does it seem that every time something is actually working for the little guy, some government bureaucrats try to take it away from us? It makes you wonder if they understand that there are real people out here, with real problems, who sometimes need real help to make ends meet.”
“I suppose I sound angry, but what I’m really feeling is worried. Every now and then I need a little extra cash to make it to my next paycheck, and now the federal government is trying to take away my best option for meeting this need.”
When necessary, a payday loan is a great source of quick cash.
“My work as a Notary Public doesn’t give me the kind of status to walk into a bank and get a short-term loan on the spot. I’m always careful about when I take out a payday loan, because I know I’ll have to pay it back with a small fee. I don’t do it often, but sometimes priorities make it necessary. The last time, it was two weeks to payday, and if I didn’t get car repairs right away, I wouldn’t have been able to get to work — meaning I wouldn’t have gotten paid.”
“Florida law protects people like me. It makes sure we can’t be tempted to get more than one payday loan at a time, because it would be next to impossible to keep up with the payments. It makes us wait at least 24 hours after repaying a loan before we can get another. We can’t borrow more than $500, and the fee is never more than 10 percent of the loan amount.”
But now some elites in Washington want to adopt new rules that will have the effect of shutting down my payday-loan store, and thousands like it across Florida and the nation.
“The so-called Consumer Financial Protection Bureau says consumers are gullible, and the payday-loan industry traps them in debt. They must think we’re all idiots.”
They want to punish the hard-working people who are paying their bills the best way they can, all because some malefactors abuse or game the system.
“I personally resent the fact that they want to restrict, curtail, stifle and police the avenues by which I can make ends meet and fulfill my financial obligations on a monthly basis.”
“Here’s a novel idea for those bureaucrats: Punish the ones who are gaming system and not the ones working hard to make ends meet.”
“Those unelected federal officials shouldn’t allow the small number of reckless borrowers to tarnish the whole process. States that have problems with payday loans should use Florida as a model for how to do it right.”
“Government “experts” must not limit our options. I encourage anyone who struggles to make ends meet to contact federal officials and tell them to leave Florida’s system alone.”
Mr. Rigell’s orginal article can be veiwed here– http://www.orlandosentinel.com/opinion/os-ed-payday-loans-customer-myword-100316-20161003-story.html