Payday Pundit

From a local story in Nevada: 
For instance, if you use payday loan companies, they can automatically lower your credit rating. It’s important to know that once something is on your credit report, it becomes part of your credit history.
Customers use payday loans, in part, because they don’t affect your credit rating.  

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TIME magazine reports that the credit crunch is moving from Wall Street to Main Street, so this pundit wants to know, how is it affecting you, loyal reader?  Do you live in a state that already limits payday lending or in Ohio, Arizona, Illinois or other city that is considering new regulations?  Do you use payday […]

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Maggie Thurber does a great job speaking against Issue 5 in Ohio:
Since when is it the role of the government to track what you borrow, when and how much? Since when is it the role of government to tell you how you can use the money you borrow? Since when is it the role of […]

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The BBB has recently proposed a subjective “A” to “F” rating system of businesses and was planning on giving payday loan stores a “problematic” rating.  This rating system has yet to be implemented, but is under consideration.  The CFSA and payday lending industry is not going to take this lying down.  James McIntyre, council for […]

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Eventually you have to pay back what you borrow and most of the time paying back includes a fee for the privilege of spending someone else’s money, be it an upfront fee like a payday loan or an interest based fee like a credit card.  In the last few years it seems like consumers and banks alike […]

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Banks are lowering limits on credit cards among other things.  

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This reader really liked the essay on “Payday Loans and Banks.”
Brilliant. Insightful. Like all tools, payday loans can be used or misused depending on the user. We don’t take hammers off the market even though clumsy folks like me frequently hurt ourselves.   craig-parr-com220-essay 
 

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The Cleveland Plain Dealer, a motley collection of elitists and hippies, doesn’t like the new Ohioans for Financial Freedom ad that focuses on job losses.   They say it plays to people’s economic fears.
No kidding you nitwits!  Ohio is competing with Michigan to become America’s first “third-world” state. Do you think economic fear is not a reasonable response to potentially […]

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Check it out at Ohioans4financialfreedom.com. 

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We’re talking about the Credit Cardholders Bill of Rights, which got through he House recently and is awating a vote in the Senate..  Among other things it will:
-Prohibit credit-card companies from charging consumers penalty interest rates (a hiked up rate for other, non credit-card debts).
-Changing interest rates whenever and however they want.
-Changing interest rates retroactively.
-Limitations […]

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