Of course, one should strive to repay his or her just debts. Blurring the lines, however, on the justness of one kind of debt is payday loans. Invariably, peddlers and marketers of payday loans are out to make a lot of money on downtrodden consumers. At no time has the desire to profit from misery been so acute than in the current economy.
A perfect storm brewed causing savvy or wary consumers to succumb to the allure of "easy" payday money. For example, as consumers are laid off or forced to work reduced hours, eligibility for health insurance may be revoked causing consumers to incur uninsured medical debts. Because a health care provider is unlikely to continue treating a patient who owes unpaid medical bills without upfront payment for additional services, consumers are obtaining payday loans just to repay medical debts. In another example, consumers are enticed by "easy" payday money to pay for credit card monthly minimums or to make a rent payment. Clearly, the vast majority of consumers intend to pay back the payday loans until the crushing interest, sometimes as high as 1500%, prevents repayment.
It is unknown just exactly why a consumer might think he or she can safely enter and repay a payday loan, but what is clearly known is that the number of consumers falling for payday loans is increasing exponentially. Making the perfect storm worse, celebrities and talk show hosts have thrown their anchors around the necks of flailing consumers. In a recent marketing campaign, former talk show host, Montel Williams, popular with low-income minorities, is pitching payday loans for MoneyMutual. Indeed, he has endorsed MoneyMutual. He offers to help consumers obtain up to $1000.00 in payday money overnight. Its website asks, "Why is Montel Williams endorsing this site?" Part of the answer: "Montel takes pride in being able to provide people with information which could help them to live better physically, spiritually, financially, and emotionally." How a payday loan helps a consumer "spiritually," for example, is not explicitly defined. Hopefully, Williams does not intend MoneyMutual's victims to donate the lent money to certain televangelists.
Williams support for MoneyMutual is particularly perplexing. A champion of civil rights, and a former officer of the U.S. Navy, Williams is also the spokesperson for the Partnership for Prescription Assistance designed to help low-income consumers apply and qualify for no-cost or reduced-cost prescription drugs. While he attempts to put forth an emotional explanation for his endorsement of payday loans, it falls flat, perhaps even cheap, when you recognize that for 17 years, he advocated social and corporate responsibility on The Montel Williams Show.
Evidently, MoneyMutual made an offer that could not be refused to an otherwise intelligent, patriotic, and responsible celebrity. After earning his street cred from communities he once entertained, informed, and served, perhaps it is now time to cash in...
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Nothing stated herein may be construed nor is it intended to be legal advice. For legal advice, consult an attorney.