Comments on: Sacramento Bee doesn’t do its homework http://paydaypundit.org/2008/08/04/sacramento-bee-doesnt-do-its-homework/ News and Information About The Payday Lending Industry Fri, 18 Jun 2010 21:33:31 -0700 http://wordpress.org/?v=2.9 hourly 1 By: Payday Pundit http://paydaypundit.org/2008/08/04/sacramento-bee-doesnt-do-its-homework/comment-page-1/#comment-821 Payday Pundit Mon, 04 Aug 2008 13:58:08 +0000 http://paydaypundit.org/?p=1131#comment-821 I stand corrected. The bill was signed into law in October 2006, but became effective in October 2007. Many payday lenders stopped lending to the members of the military as soon as the bill was signed into law. You actually need to do your homework as well, FOIAd information has revealed since the bill's passage, that installment lenders, auto loans and other personal loans made up the bulk of debt. While critics blamed payday lenders, the facts in no way supported their case. Either way, members of the military are now left without a short-term credit option and forced into other products they had previously tried to avoid. You'd have to ask individuals if this is good or bad for them. I stand corrected. The bill was signed into law in October 2006, but became effective in October 2007. Many payday lenders stopped lending to the members of the military as soon as the bill was signed into law.

You actually need to do your homework as well, FOIAd information has revealed since the bill’s passage, that installment lenders, auto loans and other personal loans made up the bulk of debt. While critics blamed payday lenders, the facts in no way supported their case.

Either way, members of the military are now left without a short-term credit option and forced into other products they had previously tried to avoid. You’d have to ask individuals if this is good or bad for them.

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