There seems to be no end to the ignorant people who have misused payday loans in this country. Good Morning America is looking to run a documentary on payday loans and found a few sad stories to make their case.

I have to admit, this is one of my favorite quotes of all time in regards to payday loans. This is classic uneducated borrower. Oddly, the story comes from someone over the age of 65, a demographic that makes up less than 5% of payday loan borrowers, but I digress...here is her quote:

"Things was tough. I needed money so, that's what I had to do. I wasn't getting enough."

This woman was surviving on a $575 social security check each month. Since she felt that was not enough money, she thoguht borrowing some more against her next paycheck was a good idea. Low and behold, when the next check came, she could afford the loan fees plus her other bills. How odd.

I've heard of many abuses of payday loans, but using them as another source of income is the most downright ridiculous thing I have ever heard. You aren't making enough money so borrowing a high-interest, short-term loan is going to help increase your income somehow? Wow...

Its examples like this that prove the payday loan critics wrong. They use far out examples, people who don't accurately represent the average payday loan borrower at all. I would love for the CRL to do a survey of all payday loan borrowers who have used at least two payday loans before. Ask them how they feel about payday loans.

But no, instead we're stuck with the sad sob stories of those who misused payday loans as propaganda to convince the public about how awful they are. This tactic is despicable and deplorable. Only the truth should be used in debates and arguments. Critics don't have any to back their case, so they invent some.

The Truth in Lending Act requires all payday lenders to be honest and up front about their fees and terms. People are well aware of what they are getting themselves into. Those that do and regret it later have only themselves to blame. It is not the role of the lender to pry about every detail of the borrower's personal life to make sure they will definitely pay back the loan.

We expect people to be smart enough and responsible enough with their money to use it wisely. That means only borrowing a payday loan if they know they can pay it back. We urge all lawmakers to keep payday loans as an option for people who want the freedom to choose different financial products.