| Rating | Percentage |
| Worthless | 66.67% |
| Helpful | 33.33% |
| I have tears of joy | 0.00% |
| Better than War and Peace | 0.00% |
| Reader Comments |
| One-sided, distorted "facts" not helpful at all... - |
| One point you missed, the growth of payday lending industry illustrates the failure of the credit union industry. If you read the preamble of the Federal Credit Union Act from 1934, it says that credit unions are intended “… to make more available to people of small means credit for provident purposes through a national system of cooperative credit, thereby helping to stabilize the credit structure of the United States.” It goes on to talk about credit unions were designed to take on usurious money lenders. In fact, the reason why credit unions are exempt from federal taxation is to allow them to fulfill their mission. However, it seems that the federal tax subsidy to credit unions has been diverted to going after the mass affluent market. According to a 2006 GAO study, only 31 percent of CU members are low or moderate income, while 49 percent are upper income. By comparison, 41 percent of bank customers are low or moderate income. - |
| Wow ... talk about "fiction." Not all CUs require you to be a member of some vocation in order to bank there. To blast financial education for adults has to be one of the dumbest things I've ever read. Of course RTOs call their product a "lease" -- otherwise they'd have to conform to TILA regs and, once the APR was shown, few would use a RTO store. And predatory lending doesn't have to be an overt action -- simple semantic games can be involved (ala payday lenders who say, "It's a fee!! Not interest!"), and even a business model (like, say, having people eventually pay two to three times what an item normally costs and calling it a "lease").
Face it -- folks are on to you, and once that financial education starts happening in the classroom, you all will be out of business. - |