More testimony

Okay, Kari. I agree with you. It's tough to blog live. But it's also fun so I'm going to keep going.

Mary Ann Olson has testified about her experience with the predatory loan industry. She ended up paying $2,000 for a $190 loan she took out to purchase orthopedic shoes. I've read industry talking points that claim she's a "bad borrower." Well, if she is, then 90 percent of your borrowers are, because most that's how many people end up taking five or more loans per year...which is exactly what the industry encourages.

Mary Ann also went off her written testimony and called out NW Title Loan's ad about the senior citizen who took out a title loan to pay for insulin. She said the ad was dishonest, there are other services, and that it's an insult to people living with diabetes.

Maureen Slon, chair of St. Vincent de Paul Voices of the Poor testified after Mary Ann. She said, "I am cocerned that the payday loan lenders are positioning themselves as saviors of the low-income Oregonians who coe to them in time of crisis. Let me be clear, offering someone a 400 percent loan or giving someone the opportunity to put their only transprotation to work on the line is not a solution to a family's financial crisis. It is plainly immoral to sell teh promise of easy money and qick cash knowing that the outcome is likely to be an even more profound crisis."

Chair Paul Holvey is getting ready to wrap things up. It's nearly 3:00.