Wendy Betts

Posted by on Apr 5, 2007 in Opponent, Quotes, Testimonials

“It got to the point I owed so much on payday loans, I couldn’t make my car payment… I think I had up to nine loans at one time. Each payday, I had to run from place to place to pay them off, roll them over or take out a new one.”

Payday loan consumer Wendy Betts describes her experience on the debt treadmill and how she got off of it…

According to an article by Richard Burnett, Betts was working as a bank teller, her husband had been laid off, they had children in school and she:

  • took out her first payday loan to fix her car
  • took out another one to refinance the first when she couldn’t repay the loan two weeks later
  • did the same thing again two weeks later
  • ended up thousands of dollars in debt and fending off collectors

Ultimately, Betts sued the payday lenders for violating state usury laws and the Florida Supreme Court ruled in her favor. The court ruled that loans made before 2001 were subject to usury laws (which limit interest to 18% APR).

“That was such a relief…I’m not saying I was born again; that wouldn’t be appropriate to say. But it was like a noose that had been around my neck had been removed, and I could live again.”

Anitra Foote is now an administrator for Siemens Corp and lives in Winter Springs, Florida.

Source: Some Payday Lenders Flout State’s Reform Law by Richard Burnett (Orlando Sentinel)

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