Payday Pundit

A thoughtful discussion on this blog provoked by the Arizona ballot initiative. 

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The latest from the Columbus Dispatch:
As expected, Ohioans for Financial Freedom, the group of payday lenders that wants to overturn at least part of House Bill 545, is coming out of the gate fast and spending heavy on its advertising campaign, including a number of spots expected to run in Ohio during the Olympics.
The first […]

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The banking industry is concerned that the potential Federal Reserve clamp down on “unfair and deceptive” practices” could cost it to lose $10.6 billion in interest on credit cards.   Now that $10.6 billion is just a percentage of the industry’s revenue from credit cards.
By comparison, the payday lending industry’s total revenue was approximately $8.6 billion in 2007. 

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To all you payday lending hypocrites (excuse some errors in distribution):
I see that Ohio’s Keno is consistent with the 28% limit, except it is every
4 minutes!!!
Anybody have a calculator to determine the annual rate of Ohio’s take?
Very truly yours,
Mike Coleman
P.S. For the mathematically challenged, Ohio is expecting to “earn” $.28 for every dollar bet per […]

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Go to the Ohioans4financialfreedom website and type your email address into the box on the upper left.  Just hit the return and you’ll be added to the group’s email response list.  

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Wow. 
While this story in the Iowa Independent says a lot of stuff we could argue with, we appreciate the fact that the writer went out of his way to find a customer who needs and appreciates payday loans.  And he called CFSA to get information and an interview as well. 

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Except for throwing out ”Perfidous” “Greedhead Lenders” and “loansharks.”  And that’s the intellectual underpinning of this Tucsan Citizen column by Billie Stanton.   With the name calling, a couple of anecdotes, and some quotes from critics, you have the basics of a typical anti-payday lending screed.  
No mention of the thousands upon thousands of Arizonans who appreciate having the payday lending option […]

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It’s not just payday lending that voters will deal with in November.  Casinos and sick pay are two other hot issues.   And all the debates are centered on one thing, Ohio’s economy.   From the Columbus Dispatch story:
“I’ve never seen the economy the way it is in the state of Ohio,” said Brad Pressman of MyOhioNow, […]

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Dave Zweifel and the Capital Times (Wisconsin)  for this column.     We informed Mr. Zweifel months ago that his notion that payday lenders target the elderly was based on an erronous Wall Street Journal story which we dubunked in this post.   Essentially, the WSJ confused installment and catalog lenders with payday lenders.  In fact, a congressional […]

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