People want freedom to choose payday lenders
The State
May 14, 2009
by: Tommy Moore
Thursday's Letter to the Editor
Payday advance customers have strong sentiments against the government limiting their access to payday advances. They want to be able to make their own financial choices.
The real underlying issue is who should decide how much is too much. Should the government be allowed to put arbitrary limits on consumers' use of a service that may be a better option for them?
If you put an arbitrary limit on the number of loans allowed per year or at a time, then what? What about the customer who took out five advances from January to August, then faces an unexpected expense in November?
Based on the reasons customers choose payday advance, limiting their use would, in most cases, drive them to more expensive and less desirable alternatives that they had previously tried to avoid.
TOMMY MOORE
Executive Vice President
Community Financial Services Association
