CONSUMER ADVOCATE: RESTRICTING PAYDAY LOANS A "BIG MISTAKE"
Recent attempts by politicians to limit payday lending are misguided, according to an official of a leading consumer advocacy group.
Tim Miller, communications director at the Center for Consumer Freedom, cited as proof a Federal Reserve study that found both bounced-check fees and bankruptcy filings rose dramatically in Georgia after payday lending was banned.
Critics of payday lending frequently point to interest rates, which, when annualized, can appear to be high. In response Miller asks: "what's worse, bouncing checks and wrecking your credit rating, or paying a lender $15 for a $100 advance on your paycheck?"
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