Payday Pundit » Union Leader

The “anti-stimulus” bill

Payday Pundit — Thu, 12 Feb 2009 12:29:42 +0000

That’s what the Manchester (N.H.) Union Leader is saying regarding the anti-payday lending law that forced the closings of stores in the state.

Payday delay? Tough luck, buddy

Payday Pundit — Fri, 02 Jan 2009 16:44:03 +0000

Great editorial on the new 36% APR rate cap from New Hampshire’s Union Leader…

Starting today, hundreds of payday lenders’ employees face layoffs and thousands of their would-be customers will rack up late fees and bounced-check fees because legislators and the governor don’t approve of the type of loan they would have taken out to avoid those costs. By legislative and Lynch logic, it is better to pay a $30 bounced-check fee than $20 in interest on a $100 loan.

Payday loans often amount to a bad deal. But in some cases they make sense. Shutting down payday lenders was a disservice. The law ought to be repealed at the first opportunity.

You’re fired! Gov. Lynch issues pink slips

Payday Pundit — Mon, 12 May 2008 15:25:10 +0000

Sunday’s editorial in the New Hampshire Union Leader asks, “What, if anything, is the governor going to do for the 200 private-sector workers he personally will make jobless at the start of next year?”

A few excerpts:

Last week legislators essentially outlawed payday lending and title lending in New Hampshire. The industry employs roughly 200 people in the state. All of them will be out of work by Jan. 1. That’s when House Bill 267 takes effect. Gov. Lynch, who ought to know better, has said he will sign the bill.

The 200 employees in the payday and title loan industry will have to find new jobs because they are unlucky enough to work in a field the governor doesn’t approve of. The state has eliminated their jobs, and tough luck to them.

When it comes to making decisions about people’s livelihoods, Gov. Lynch has a history of picking winners and losers based on purely political calculations.

By banning payday lending, Gov. Lynch and legislators in New Hampshire will now have to answer to the 200 employees they’ve put out of work and the thousands of customers whose credit options have been yanked away.