Payday Pundit

Among the misunderstood elements of the housing crisis is the role of subprime mortgages, said {Paul S. }Mr. Willen, who cautioned that he was speaking yesterday for himself and not for the Federal Reserve Bank. Subprime loans, which are typically risky loans, did not cause the housing crisis on their own, he said. Payday lenders […]

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A new study by Dartmouth economist Jonathan Zinman says that Oregonians suffered after payday lenders left the state following passage of the 36% rate cap law.  From the news release:
Survey data on 400 payday loan users collected before and after the imposition of an interest-rate cap in Oregon suggest that the cap caused deterioration in […]

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That’s what Lawrence Meyers calls the Center for Responsible Lending in the Bloggernewsnetwork piece:
 {Center for Responsible Lending} parade{s)}around ridiculous studies that have flawed data collection techniques, draw false conclusions from this flawed data, then try to snooker unsuspecting readers that this smoke-and-mirrors job supports their assertion. Just to reiterate, the CRL has its own loan […]

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Could be another legislative battle in Colorado next year according to the Rocky Mountain News:
Payday lending increased by only 1 percent in Colorado last year, but state officials say they still are worried by continued high interest rates, an increase in borrower bankruptcies and consumer debt dependency.
That’s quite a sentence.   Do these consumers that officials […]

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This provocactive piece doesn’t trash payday lending but explains how payday lenders understand the risks of making loans better than many of the mortgage lenders. 

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The Payday Pundit misses this interesting post on PDLindustryblog about how payday lending fill the credit gap for many borrowers.

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Here’s a very interesting essay that discusses how payday loans work, why they’re a great alternative to bank overdraft protection, and why critics are wrong.   craig-parr-com220-essay 

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Interesting column today on Walletpop: 

Some 21 percent of those with salaries of $100,000 or more say they are living paycheck to paycheck, according to a recent survey conducted by CareerBuilder.com.
While experts are quick to acknowledge that high gasoline prices, the slumping housing market and a generally weak economy are weighing on consumers’ finances, they also […]

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They’re thinking about this over at pdlblogspot.org. 

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Boston’s National Consumer Law Center and Washington’s Consumer Federation of America give the Bay State two F’s for giving their citizenry financial choices.  There is something very wrong with this picture.

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