Study: Payday Lending Bad
Submitted by Paul on Wed, 10/15/2008 - 11:03am.
From the well, duh department:
A Cleveland-based research group says that Ohio credit counselors, the folks who try to help those who are drowning in debt, generally see payday loans making matters worse for their clients.
And in other research, it was found that ursine mammals still evacuate their bowels in sylvan environments.
Vote YES on Issue 5!
I guess everyone has an opinion
There is a difference between bad and banned.
For example, no one is indicting Lotteries, Casinos, credit card companies, Best Buy, Walmart or Applebees?
I'm not saying that payday lending is not contributing to people's debt, but it just a part of it. People would rather just let people off the hook and say it's the payday lender's fault.
What about that $7k credit card bill. Who's fault is that?
I work in the industry for a payday loan software company. Regulation is needed, not getting rid of the product. It has a huge demand.
Yes on Issue 5
Issue 5 IS about regulation. It wouldn’t ban payday lenders altogether, it would just prohibit them from charging ridiculous 391% interest rates – the kind of rates that trap people in a vicious cycle of debt.
Few people realize that, in a bipartisan move this spring, our Governor and state legislature already passed the common sense payday loan regulations in Issue 5. The industry is trying to get around the law with this ballot initiative.
If you think 391% interest is too high, and big industries should play by the rules just like you and I then vote YES on 5.
darren
Issue 5 is DEAD!!!!!US NEWS WIRE IS REPORTING..THE CENTER FOR RESPONSIBLE LENDING A GROUP HEAVILY CONNECTED WITH ACORN THE RADICAL VOTER FRAUD PEOPLE,HAVE A BIGGER INTEREST IN THIS ISSUE THEY FIRST LET ON.TURNS OUT THAT THE OHIO COALITION LED BY SUPER ADVOCATE BILL FAITH IS THE SAME GROUP BASED OUT OF NORTH CAROLINA WHO HAS A REVISION IN THIS BILL IF PAST THAT WOULD ALLOW OUT OF STATE BANKS LIKE THEM TO OFFER UNLIMITED NUMBER OF LOANS THAT BREAK THE PURPOSED 28% RATE CAP...HMMMMMMMMMMMMMMMMM WWW.CONSUMERFREEDOM.COM SO IF ISSUE 5 PASSES LEGISLATORS ARBITRAILY PICK THE WINNERS AND LOSERS AND BANKS AND CREDIT UNIONS WOULDNT BE HELD TO THE RATE CAP.SO NOW WE KNOW! VOTE NO ON 5 WAKE UP OHIO TELL THE BANKS TO BACK OFF VOTE NO ON 5
Ummmm... well duh Paul
Did you know that this so called survey was of 17 accredited counselors?? SEVENTEEN!!! Hardly what I would call a fair and accurate sampling.
VOTE NO on ISSUE 5
10/24/08 Columbus― Vote No
10/24/08
Columbus― Vote No on Issue 5 today wins important endorsements of Ohio’s largest African American newspaper, the Call and Post, along with Bishop Harry Jackson, chairman of the High Impact Leadership Coalition (HILC) – a coalition of black and white faith-based community leaders from across the country.
The Call and Post says, “The bill does nothing to help Ohioans, especially Black Ohioans. This paper takes umbrage to the fact that lawmakers want to decide how families should handle their personal finances. We find this paternalistic at best – and an insult to intelligence at worst. VOTE NO on State Issue 5 on election day, Nov. 4. Individuals and families ought to have the right to determine what is best for them financially. We don’t need “overseers” overseeing our pocketbooks. Vote NO on State Issue 5.”
Who else has endorsed a “NO” vote on Issue 5?
· The Ohio Chamber of Commerce
· Ohio Grocers Association
· Ohio Christian Alliance
· The Coalition Opposed to Additional Spending and Taxes (COAST)
· Americans For Prosperity
· Dr. Tom Lehman, Buckeye Institute for Public Policy Solutions
· Property Rights, Freedom Fighters
· National Taxpayers Union
· Ohio Libertarian Party
· High Impact Leadership Coalition
· Call & Post – Ohio’s largest African American newspaper
· Lake County News Herald, Lima News, Hillsboro Times, The Newark Advocate
· Hundreds of other Ohio consumers and businesses at www.Ohioans4FinancialFreedom.com