PR Campaign Won't Make Payday Loans a Smart Deal
The Torrance Daily Breeze ran an article March 11, 2007 discussing the recent decision by The Community Financial & Services Association of America to spend $10 million for an advertising campaign to educate payday loan users on responsible borrowing.
Jean Ann Fox, director of consumer protection for the Consumer Federation of America says, "This is a public-relations act from an industry under heavy fire. This move is to derail state and congressional legislation."
Don Gayhardt, president of Dollar Financial, said, "If it only cost $10 to bounce a check, I'm not sure we would have nearly as big a payday loan industry."
Clearly payday loans can be very dangerous to your financial well being. Ms. Fox's mission seems to be to help educate consumers so they can make an informed choice.
Is there a place for payday loans? I can see certain circumstances where an online payday loan really is your last and only resort.
If you take a fast payday loan, remember to only borrow what you will be able to pay back when you get paid from your job.
Rolling existing payday loans will make it extremely difficult to get back to even on the debt. Responsibly borrowing is the only way to go
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