PAYDAY LENDING RESULT OF LAX LAWS, SAYS NYT COMMENTARY
January 18, 2007
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Payday lending and easy access to credit was compared to using cocaine or heroin in a New York Times commentary. It states that payday lending is the result of lax credit laws, and that we should blame the lawmakers, not the payday lenders. For the full article, go to: http://www.nytimes.com/2007/01/18/business/18scene.html?pagewanted=print
Many of my clients don’t know that payday loans are dischargeable in bankruptcy, which they are. Many also think that because they give the payday lenders a check to hold, that they can be prosecuted for passing a worthless check. That is false; I’ve never heard of a debtor being prosecuted for passing a bad check to a payday lender.
Payday Lending Result of Lax Laws, Says NYT Commentary
