Adam G. Taub quoted in the Detroit News. Another consumer fights back against a scam lender.

Upset man holding credit card with laptop on background

The consequences of not understanding credit can be miserable.

This article discusses scam lenders who cheat desperate consumers.  This epidemic of fast-money, payday, and title loans is brought to you by politicians who view their constituents as banks, Fortune 500 corporations, and insurance companies.

These terrible loans are bad for the economy and they are bad for you.  You might be saying to yourself, “What do I care?  How does this effect me?  If someone is stupid or desperate enough to take out one of these loans, that’s their problem, not mine, right?”  Not really.  If your neighbor can’t fix a leaky roof, buy a lawn mower, or pay for school supplies, it directly affects your quality of life.  As more and more people in your area are forced into economic servitude, paying exorbitant and usurious interest on loans for decades, your neighborhood suffers.  Your city suffers.  Your churches and schools suffer because the wealth of the community is being squeezed out by unscrupulous lenders. When your neighbor buys a new roof or your church gets a new lawn mower, you benefit.  When half of your neighbor’s wages go to pay interest, that money cannot be reinvested anything that benefits you or your family.

These loans are immoral and illegal.   The best way for us to combat this type of rip-off is to make sure we take the time to understand how credit works and to hold our leaders accountable to consumers.