The Florida law being held up by Democratic National Committee chair and U.S. Rep. Debbie Wasserman Schultz as a model for the pending national crackdown on predatory payday lenders has in fact drained "millions in fees from those that can least afford it"—perpetuating the debt cycle rather than preventing it, according to a new study.
Payday lenders are just debt dealers aiming for repeat business.
Churches should issue no-interest loans to people who need it. Pass laws to allow it if it is not legal now. That should spell the death of the loan sharks, I think.
"Florida's model and experience can be instructive"
It most assuredly can be instructive. It shows what should NOT be done!
Corporations within this sordid industry justify the abhorrent annual percentage rates charged to financially struggling people as proper payment due to the risky clientele. People who are trapped in a desperate situation aren't always a poor risk - bad stuff happens for a multitude of reasons, often at the worst possible moment. Payday lending is a patently sinister form of predatory capitalism; often trapping people already reeling from the circumstances which brought them through the door; by wreaking additional havoc to already tremulous finances.
The captains of this industry are heartless parasites as is Congresswoman Wasserman Schultz who no doubt, accept it's campaign contributions with a wink and a smirk. I hope we gather the collective fortitude to recover our country from such rapacious profiteers and usher in a new era of fair lending practices. A good start would be to retire Wasserman Schultz.
Debbie Wassermann Schultz needs to be thrown out as chair of the DNC, and thrown out of office. She has rigged the party politics in favor of Hillary Clinton for whom she served as campaign manager in the past, She appears to be in the pockets of Florida loan shark payday lenders, and probably, like Clinton, is in the pockets of Wall Street bankers and financiers. The Democratic Party seems to be off course, needs to take stock of its bearings and set a new course that will get it back on track as the party that represents the people. It can not do that with DWS at the helm, or with HRC in the Whitehouse. DWS and HRC should get back to their day jobs of earning hundreds of thousands of dollars giving speeches to special interest groups and let true representatives of the people replace them in politics.
Of course she is fighting for the big business and money in pay day loans, she's Hillary's butt buddy. Two of a kind, no three of a kind with Obama chiming in. Make no mistake these so called Democrats are neocons and Republican lite.
She should not be leading anything and should resign for all the underhanded stuff she's done to this presidential race.