Letter To The Editor: How To Justify Predatory Loans

By EVAN ROSE
Los Alamos

I read the letter by Paul J. Gessing, President of Rio Grande Foundation, with some interest (link).

How can an interest rate of 175% per annum be justified? 

  • First, write a letter that does not mention the 175% per annum interest rate. 
  • Second, blame the proposed legislation on elite legislators and members of the public. 
  • Third, provide an example of a situation where a predatory loan might be better than an alternative. 

For a detailed analysis of predatory loans, please consult the website of Think New Mexico (link).

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