Dear Russ Parr Morning Show,
Last week, you interviewed Hollywood film maker Michael Moore about his new movie “Capitalism: A Love Story.” The documentary focuses on the financial crisis that began last year and continues on today. Even without seeing the film, many of us have some knowledge of what lead to the greatest financial collapse in recent memory. We’ve heard about the games and extreme risks Wall Street took with toxic mortgage assets. Many of us know of the predatory lending practices where companies loaned money to high-risk individuals at high interest rates.  Knowing that, it makes the decision of your morning show to have Alfredas and Shaqwana do a “WeFixMoney.com” advertisement spot right before the interview that left me dumbfounded. Now I’ve always had problem with a morning radio show with an urban listening audience promoting pay day advanced loans, but hearing that advertisement spot immediately preceding an interview of a man whose latest film exposes the corruption, greed and PREDATORY LENDING that created the financial crisis left me completely perplexed.
In order to make sure I wasn’t overacting, I went to the WeFixMoney.com website. They do offer debt settlement and debt relief, both of which I’ve heard advertised on your morning show. However, they also offer payday loans. Since its also listed as the first item on their site, I’m also figuring that’s probably their best selling product. Honestly, that’s part of the scam. Sell people bad loans with ridiculously high interest rates and then when they get into financial trouble, sell them “debt consolidation” products. Its like financial entrapment. Payday loans might be one of the most blatant examples of lending companies taking advantage of people in financial need for their own profitable gains.  Not only do most financial analyst recommend against payday loans (as well as loans using the title of your car) but some states have actually gone as far as make them illegal. Yeah I know, in the hands of people “responsible” payday loans aren’t that bad if paid back immediately. The issue is, the people that need payday loans are already in situations caused by irresponsibility and generally can’t pay them back on time. Payday loans only make their situations worse.
I think the thing that bothers me even more than the ridiculousness of advertising the types of loans that lead us down this financial rocky road right before interviewing Michael Moore, is the manner in which your show does it. On multiple occasions, I’ve heard Alfredas and Shaqwana suggest getting payday loans for “shoes when your credit card is maxed out” or when “you need a little extra cash to go to the mall.”  Are you serious? Taking a loan out for shoes?  Not rent or food to feed your family. But another pair of shoes because you were already irresponsible enough max out your credit card. That has to be one of the most idiotic things I’ve ever heard from people that are suppose to have a clue.  Its one thing to advertise payday loans, its another to do it in such a reckless manner as to promote even further irresponsible behavior. Not only does that directly contradict the spirit of Michael Moore’s movie but it also contradicts what the President himself has warned us about (Irresponsible behavior). I’m sorry but its hard for me to reconcile you and Alfredas talking to Michael Moore and praising him for calling out Wallstreet and corporations for exploiting people when you yourself are right there peddling the same harm and damage to your own people. It makes me wonder if you really watched his movie and if you did, did you really understand what he was trying to say. Do you understand that it wasn’t just big Wallstreet Firms that were using highly unethical methods that got us into this mess. Its actually highly ironic when I think about it. You interviewed and praised a man whose new movie rails against the evils of capitalism while your show gets sponsored, i.e. makes money, to turn a blind eye to those same evils. Ironic, stupid and sad all wrapped up in one.
Let me break it down for you. You are the host of a nationally syndicated morning show whose main demographic is African Americans in inner cities and urban centers. Your demographic was (and still is) the number one target of companies that offer high interest loans to people that can’t really afford them. Everyone else is talking about saving money and making fiscally sound decisions and sacrifices, while your co-hosts are in essence endorsing payday loans for things as trifling and trivial as a new pair of fly shoes. People that get paid day loans are typically those that can’t afford to pay them back. Do you know those people will end up paying interest on these loans that is equivalent to 390% to 780% when expressed as an annual percentage rate. Seven Hundred and Eighty Percent. Payday loans exploit people’s financial hardships for profit. Since you are making money off of them advertising on your program, then logically, you are also exploiting people’s financial hardship for profit.
To be honest, I don’t really expect you to address this. I expect the typical “my hands are clean” spiel about how you don’t really endorse payday loans and how WeFixMoney.com is really more about debt consolidation.  Either that or you’ll say something about how you really don’t have any control over the ads and sponsorships you do.  Honestly, I’d rather you ignore this letter than use the second excuse as a cop out.  The WeFixMoney advertisement you do isn’t a typical recorded commercials.  On air personalities do it enthusiastically. I’m pretty sure if you took a stand and said “I won’t support products that harm my community” people would listen.  See, the real lesson of this financial crisis is that there were (and still are) a lot of people who could have stood up and said “This is wrong” but didn’t.  You and your morning crew are in the same category. You have the power to say “No more”. The question is, will you do it.
Kriss
October 5th, 2009 at 10:29 am
Love it!
October 5th, 2009 at 10:36 am
Chuuch.
And while you’re at it…hit up Magic Johnson for his endorsement of Rent-A-Center….which targets the exact same demographic. Mmph.
October 5th, 2009 at 10:43 am
Yeah those Magic Johnson commercials just have me shaking my head. In more ways than one.
October 5th, 2009 at 1:20 pm
Amen!
October 5th, 2009 at 1:26 pm
Well written! Add EBT (BET) to the list too. All they EVER advertise is payday loans ALL DAY on their channel. It’s a damn shame that these advertisements target only low-income and African-American demographic. What should be advertised is programs to educate these individuals on how to manage their money and how to pay off debts the right way. They’ve already borrowed money from Paul to pay Peter and encouraging them to now jack Paul and chuck the middle finger to Peter to over extend themselves. Magic Johnson should be ASHAMED. While he has done some good in the community- endorsing Rent-A-Used-Overpriced-Furntinure-Center really isn’t a good look. If all yo ass can afford is a couple of milk crates and some seat cushions…so be it…nothing worse than having RENT-A-CENTER coming to repo RENTAL FURNITURE…I mean really…smh.
October 5th, 2009 at 3:46 pm
Agreed on both the Magic madness and the morning show crap. When we will learn that it’s better to speak the truth than promote lies. Shame on Russ Parr (I hate his show as well, fyi)
October 5th, 2009 at 4:08 pm
Good point!
October 21st, 2009 at 11:22 am
While i can commend you for your efforts in writing this piece, i cannot just sit here and agree that you are correct in attacking the show.
This ad is geared toward people who need money. If you are an adult and you are in financial needs and if this is your only choice then you had better make it. I’d take this over being thrown out of my house, apt, etc, with 3 children and no place to go.
I knowa few people who have needed this service, followed the rules, and did not get duped into a long term deal, i.e. they didnt spend their paycheck foolishly and paid the loan back on time.
The reason that things go wrong is that the person does not handle the money correctly to start with.
It’s simple. If you are in a bind and need to take the loan (i am not advocating taking the loan), you take the loan, and the next week when you get paid, pay the loan back….do not take your paycheck and throw it away on bs. Your paycheck should be used to pay the loan back ….
October 21st, 2009 at 11:25 am
…and not used as a ‘free check’ since you already have the payday loan. This is where most people drop the ball…
Once again, i see the authors point but do not blast the station for making money. The rant should be about how to avoid getting into this situtation in the first place. I am sure that type of advice goes a lot farther than your calling out the radio station.
October 21st, 2009 at 11:30 am
Anyone, everyone, and all, that may blame the company for this is a complete idiot.
Why is it that many people come from the same upbringing yet one is now doing very well and the other is taking payday loans? I know people that had the same opportunities or better than I and they are in jail, dead, or can barely buy a bag of skittles…I blame them, not the Co making the money off of them..I understand if someone gets disabled mentally or physically but a normal person with fair opportunities should never be in one of these places….
October 21st, 2009 at 11:39 am
Of course all the blame doesn’t go to the company. No one said it does. Yes people themselves should be more responsible and not fall for these types of loans or if they do use them, pay them back immediately. But let’s not play dumb or foolish here. Russ Parr & 93.9 spend a lot of time talking about how bad predatory loans are and pointing at these companies “just making money.” They had Michael Moore on their show to talk about this. But then they turn around and are promoting the same loans that Moore and even themselves talk about? That’s called hypocrisy.
Its easy to say “Well, I know people that use them and they pay it back right away” or “Well I made it, why can’t these people?” without really looking at WHY some people can’t make it. If I hear this advertisement and decide to get a payday loan to feed my family, then lose my job, I have no paycheck to pay that loan back. That’s when you end up paying 400% in interest. Not all the people that get preyed on by these loan companies are just lazy people. There’s a reason why some states consider these loans “illegal”.
November 9th, 2009 at 11:35 am
WOW! I’m in this boat right now… And I heard the morning show his morning, so i went to we fixmoney.com, to see what it is about. I get paid on the 20th of this month but my rent is due now and there is no food in the house and I still need to buy my 1year old diapers and formula. I make a good income, but becuase bge and some other bills were alittle higher then i thought they would be it has left me $350 short. I don’t know what I should do?
November 16th, 2009 at 8:38 am
Well i like your article and i will visit again.
November 25th, 2009 at 3:31 pm
Well said! Listening to the commercial I was wondering… “Why the radio stations that target black people?” And you are right, they promote it so enthusiatically, it’s embarrassing.
December 2nd, 2009 at 10:49 pm
I am shocked that wefixmoney is endorsed by Russ Parr –
I have used sites like moneykings.com (which seems similar) and had great luck getting my credit card debt reduced by 60% but I just cant imagine that Russ Parr wants to endorse wefixmoney which is mainly payday predators…
December 11th, 2009 at 11:41 am
You my friend have just earned a bookmark in my browser!
April 25th, 2010 at 2:00 pm
Just because you are an adult does not mean you can not be tricked with misleading commercials. We who know about the game can not beat these companies. They will advertise where they choose. We can however, attempt to educate and pray for this segment of the population. It’s not just African American but poor whites and others as well people with the least amount of education and the lowest paying jobs.
WE ARE OUR BROTHERS KEEPER. Everyone with a Master degree or PHD for that matter is not perfect with their money they sometime spend it on bs but they can often bounce back easier.