Payday Loans – Consumer Federation of America Wake-Up!

By | Mar 15, 2010

The CFA, Consumer Federation of America, continues to misstate facts surrounding the payday loan industry. It’s intentional and unfair. They are a “non-profit” organization whose sole purpose is to place limits on Americans and reduce their financial choices.

The Consumer Federation of America CFA thinks they know what’s best for the rest of us and is composed of a well-funded group of elitists.

A great example of this occurred when Rep. Luis Gutierrez, speaking to CFA President Jean Fox at a House Financial Services Subcommittee on Financial Institutions and Consumer Credit said, “If you wish to be against the bill because you wish us to do nothing other than eliminate payday lending, which anyone reading your statement can extrapolate…that’s not possible.”

CFA President Jean Fox was asked several times by both Democrats and Republicans to offer an alternative to short term, non-collateralized lending. She had nothing to offer. The Consumer Federation of America is simply AGAINST!

Too bad the Consumer Federation of America doesn’t make an effort to understand why consumers by the millions use payday loans and what criteria payday loan businesses implement to determine if a consumer qualifies for a payday loan.

A recent “Position Paper” offered by CFA erroneously makes the point of stating that, “Given the lower bank account penetration rate for minority consumers,  this payday loan product undermines progress being made to unbanked consumers into mainstream financial services.”

Consumer Federation of America WAKE-UP! Educate yourselves first!! Payday loan consumers MUST HAVE BANK ACCOUNTS TO QUALIFY FOR A PAYDAY LOAN! Of course they must have a job also in order to pay us back.

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