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And The Todd Zywicki Memorial “What Universe Are YOU Living In?” Award Goes To …
It’s a tie for the SC Bankruptcy & Consumer Law Blog’s First Annual (or maybe monthly, the way things are shaping up) Todd Zywicki Memorial “What Universe Are YOU Living In?” Award:
- Robert Frank, a Cornell University economist, for his editorial in the New York Times (published Jan. 18, 2007 and accessible here - free registration required) titled “Payday Loans Are a Scourge, But Should Wrath Be Aimed at the Lenders?” (Um. YES.) The judges were especially impressed with Frank’s likening of payday lenders setting up shop in low-income neighborhoods and charging over 400% APR (in some instances more) with a male lion’s killing all unrelated cubs in the pride to ensure alpha male status. Note to Franks: We’re not lions. We’re people. Thanks for the perfect opportunity to level some of that moral outrage you deem a limited resource. After reading your article, seems I had plenty to go around.
- John Stossel, conservative ABC reporter, for looking at the harassment leveled at consumers by debt collectors and concluding, in typical rhetorical fashion “Is Debt A Four-Letter Word? Why Some Americans Need to Learn to Pay Up.” Yes, Stossel, you’re quite right. The reason people are drowning in debt and suffering through endless humiliations such as self-identifying calls placed to employers and neighbors, is because we never learned to pay up. It wouldn’t have anything to do with skyrocketing medical expenses, layoffs, divorce, or the high cost of credit.
Congrats, guys! Don’t spend it all in one place.
Discussion
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I guess Stossel is one of those types who don’t find anything wrong about charging more for filing bankruptcy; especially considering having to pay for the counseling and education certificates in addition to lawyer fees and court costs. The cheapest place I found charged $25 for the bankruptcy course (www.personalfinanceeducation.com), but some others wanted twice that or more if you wanted to do a course over the phone or in person. What is the benefit of these courses to an elderly person who’s having to file bankruptcy because of medical bills?