On September 9, Chris Peterson, a professor at the S.J. Quinney College of Law and expert on consumer finance, appeared on the Fox Business Network’s Dave Ramsey Show.
On the program, Peterson discussed the phenomenon of “payday lending,” or short-term loans designed to cover a borrower’s expenses until his or her next payday. In general, the loans are due in two weeks, with interest rates of up to 400% APR. Peterson is an outspoken critic of the practice.
The Dave Ramsey Show runs live five nights a week on the Fox Business Network. Ramsey generally starts with a brief monologue or delivers financial advice before welcoming guests and taking calls from viewers. In addition to his television program, Ramsey also hosts a syndicated daily radio program on which Peterson has appeared as a guest in the past.