In this open letter to the Hudson Hub Times, Tim Miller equates a payday loan to an annualized interest rate or APR to staying in a hotel room for one night compared to a 1-year lease.
His point is that most people do not rent hotel rooms on a monthly or yearly basis, so quoting the room as such would not make sense.
That’s been the flaw of the of the consumer groups. Most of them just try to inflame the public into feeling guilty. That’s how they win votes.
What they don’t realize is that financial literacy does not get taught in the classroom. You learn it on the streets. The hard way. The good news is once you know it, now you can move to the next level.
