When I used to see payday lending commercials on television, I thought nothing of them. Now that I know how these companies operate, they break my heart. Many who take out these loans find themselves trapped in cycles of debt struggling to repay them at 500 percent interest rates.
It’s unfortunate to read that Attorney General Greg Abbott’s office wrote a letter allowing the payday loaners to use a loophole meant for credit service organizations. These kinds of practices keep honest, hard-working Texans in debt — families that include veterans.
It disturbs me that anyone running for office would help such a harmful industry carry out its work.