Payday Pundit

So says State Rep. John Domenick in today’s Herald Star.

“The reality is, payday loans are an unfortunate necessity for many Ohioans,” Domenick said. “Many people cannot make ends meet living from paycheck to paycheck. Job losses and the failed economic policies of the Bush administration have put an increasing number of people in this situation.”

Domenick noted more than 1,600 payday lending offices operate in Ohio with about 6,000 employees. He said owners testified that a 28 percent interest cap in the bill that passed the Ohio House would drive them out of business.