Payday lenders don't sell affordable credit
The Des Moines Register (Opinion)December 18, 2009
I was appalled to read Sarah Longwell's Dec. 9 letter in which she sings the praises of the payday lending industry. Longwell is identified as the director of communications for the Center for Consumer Freedom. I think I can guess who funds that outfit.
In reality, payday loans trap hard-working Iowans in a vicious cycle of debt with interest rates that can exceed 400 percent. The average $300 payday loan costs the borrower $800.
On top of that, nearly $40 million in fees alone leave Iowa for corporate payday lending headquarters in other states.
Iowans need safe, affordable credit and protection from the predatory payday lending industry.
- Judy Lonning, Des Moines
Richard Berman has been a regular front man for business and industry in campaigns against consumer safety and environmental groups. Through his public affairs firm, Berman and Company, Berman has fought unions, Mothers Against Drunk Driving, PETA and other watchdog groups in their efforts to raise awareness about obesity, the minimum wage, the dangers of smoking, mad cow disease, drunk driving, and other causes. Berman runs at least 15 industry-funded front groups and projects, such as the Center for Union Facts and holds 16 "positions" in those organizations.
Each year, Berman, using his front groups to spread misinformation, spends millions of dollars distracting the public with misleading ads.
As a result of his largesse, in 2006, Richard Berman used $2,000,000 in cash to buy this $3.3 million house.
