Tuesday, October 3, 2006

Letter to the Editor Alters Focus of Military Payday Loan Argument

By J.J. Cameron
Payday Loan Writer

While Toni Czajkowski, a readers of The Herald-Leader, is thankful for recent insight from the newspaper into the recent military payday loan debate, he recently wrote a response to such an article.

In it, Czajkowski didn't simply focus on the interest rates attached to cash advance loans that focus on the armed services. We'll paraphrase his letter to the editor below …

Thanks to The Herald-Leader for its detailed explanation of the legislation regarding military payday loans. It seems to me that 36 percent interest is more than enough for the lenders to cover their risks.

What is the rate of default on such bad credit payday loans? What is the cost to administer them? Maybe we need to compare them with those of other lenders.

But the bigger questions are: Why do men and women in our military live paycheck to paycheck? And worse, why do they need these short-term no fax cash advance loans to make it to the next paycheck?

Why do military families need food stamps? Especially while contractors get paid thousands of dollars a day to paint schools and to not build hospitals in Iraq?

We should be outraged by the Bush administration's irresponsible fiscal policies. The priorities of the administration and members of Congress, such as Geoff Davis, do not match the priorities of working American families.

The fascist theocracy is only serving at the pleasure of the voters. Get rid of them all.

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