We don’t need liberal activists who’ve never needed a loan, with their hands in our pockets making our financial decisions for us.
What is next? Are they going to tell me I can’t have more than a 3-year car loan? Are they going to tell me I can’t have more than a 15-year mortgage? Where does it stop?
This is completely contradictory to our independent Texas spirit and is reminiscent of central planning in socialist governments. For a variety of reasons, many of us don’t have a three-month cash cushion. But that doesn’t mean we’re stupid. We understand the differences between short-term loans and the costs of overdrafts, utility shut off fees, late fees, etc.
Polling of short-term credit customers completed by Harris Interactive showed that 93 percent of short-term borrowers carefully weighed the risks and benefits before taking out a short-term loan. 1
- 2013 Harris Interactive Poll https://www.businesswire.com/news/home/20131204005905/en/New-Poll-9-10-Payday-Loan-Borrowers