Fabricating and Sensationalizing
Apparently, there is an entirely new extreme that payday loan “haters” have established in an attempt to validate their opinions. Okay, maybe it’s not so new, but it’s certainly extreme. Creating false associations and spewing misinformation for the sole purpose of making the industry look undesirable is as low as it gets. If you’re a consumer advocate and you maintain that the industry is despicable, then why is there a need to create falsehoods in order to prove your point? It certainly wouldn’t make your points any more valid and in fact would make you the lesser reliable source. Comedic relief-yes…reliable source-most definitely not.
The Predatory Lending Association, which, by the way isn’t a real organization, appears to have spent a lot of resources developing a website to mock the Community Financial Services Association of America. I’m kind of disturbed that they didn’t focus any of their resources on actually educating individuals on how not to get into a bind or offering information on general financial literacy topics. Instead, the website calls payday loan customers “poor” and claims that lenders disproportionately target minorities. Nevermind the historically uneven distribution of wealth stemming from once acceptable discriminatory practices such as redlining. But I’m sure the topic of why the distribution of wealth is so uneven will never be revisited or discussed by “organizations” such as the Predatory Lending Association. The website doesn’t appear to have been updated in three years. You should check out the site at http://www.predatorylendingassociation.com/ and let us know your thoughts.
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