Payday Pundit

Ohio House Speaker Jon Husted today explained why he thinks eliminating jobs and limiting financial choice is a positive path forward for the people of Ohio:
“We capped the [payday loan] interest rate at a level that created a reasonable expectation that the borrower could pay it back, that they wouldn’t be trapped in a cycle […]

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The winner is Carolyn L. Dessin, a law professor at Akron School of Law.  In a column today on the Cincinnati Enquirer  she essentially repeats every half-baked opinion of the Center for Responsible Lending.  
Here are just a few of the  ”facts” that make Professor Dessin the “winner.”  Payday Pundit’s points are in CAPS. 
She says: “The people who […]

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This Cincinnati Enquirer editorial demonstrates the shallowness and bias of some media.   The editoral writers just take their talking points from advocacy groups.   The Payday Pundit takes them to task:
The Enquirer:  The Senate should pass a strong reform, but it should also make sure the market can offer options for well-regulated, low-cost, short-term loans.
The Payday Pundit:  “The […]

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Here is a complete text of a letter to the editor in today’s Cincinnati Enquirer:

PAYDAY LENDERS PROVIDE NEEDED SERVICE
The front-page headline “Bill would crimp payday lenders” (May 1) was wrong; it should have read “Bill would kill any option for payday loans for people who need them.” Our government representatives are again protecting us from […]

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In this Cincinnati Enquirer story, James Frauenberg of CheckSmart puts it in perspective:
“The profit margins in this industry are already thin,” said James Frauenberg, senior vice president of Dublin-based CheckSmart, during a meeting with the Enquirer’s editorial board. “I don’t see our landlords charging us less rent, the electric company charging us less for the […]

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That’s a direct quote from Ohio State Representive Shawn Webster who makes the important point that one industry is being singled out.  This Cincinnati Enquirer story also contains this remarkable quote: 
“Our national debt is outrageous - $124,000 for a family of four - and consumer debt is at an all-time high - $8,300 per person,” said […]

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