Michele Johnson
“The story is that they think it’s going to be the last resort. That the three or four hundred dollars is going to solve their problem and all it does is, it’s the final card on the house of cards before it tumbles.”
Consumer credit counselor Michele Johnson said that getting a payday loan is very easy but paying it back can be extremely hard….
In an article by Adrienne Augustus, Johnson said that consumers end up paying interest rates as high as 2300% APR and that loan default penalties are extreme:
“[Paydal lenders] have discovered a very legal, unfortunately, way to make an obscene amount of profit off of the backs of consumers who can ill afford it.”
Michele Johnson is CEO of Consumer Credit Counseling Service (CCCS) in Nevada.
Adrienne Augustus is an Investigative Reporter for Las Vegas Now.
Sources:
New Trend in Predatory Payday Lending (Las Vegas Now)
Free Credit Counseling/Bankruptcy Classes to Be Offered to the Public (Clark County Legal Services)
Recent Posts:
- 05/05/2009: CompareCashLoans.com Gets a Facelift
- 06/16/2008: Demographic Study of Online Payday Loan Consumers
- 05/26/2008: Daniel O’Sullivan
- 04/24/2008: Update: Payday Loan Laws that Hurt Consumers
- 04/07/2008: Manitoba Public Utilities Board
Random Posts:
- 07/19/2006: Professor Christopher Peterson
- 08/02/2006: Leo Sorensen
- 08/10/2006: Keith Goosby
- 09/18/2006: Senator Lowell Barron
- 02/05/2008: Meghan Hoyer