Kelly Griffith
“Payday loans are not access to credit, they are access to debt… When you give someone a payday loan, you’re not throwing them a life vest, you’re throwing them an anchor, and they’re going to go down faster.”
Advocacy group director Kelly Griffith believes that payday loans harm the poor and underbanked…
Griffith said that legislators believed they were doing the right thing when they first allowed payday lenders to operate in Arizona:
“Lawmakers were told that this was a way for the poor to get short-term cash and that it would be helpful… I think lawmakers wanted to do the right thing and they thought they were doing the right thing. They were told that a payday loan is cheaper than a bounced check. As more research and more data has come out, we’ve come to see how detrimental payday loans are.”
Kelly Griffith is deputy director of the Southwest Center for Economic Integrity, an advocacy group in Tucson, Arizona.
Source: Be Careful if Borrowing from a Payday Lender - It Can be Hazardous to Your Financial Health by Martin Rosales (Arizona Daily Star Editorial)
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