Payday Pundit

This article has us confused.   Here’s the headline: 
Economic Pinch Pushes More People to Payday Loans
Here’s the second paragraph:

The number of loans issued each month has been on the decline, according to state data, but the average loan amount has risen to $374 in the past year, compared with $350 from December 2005 to June 2006. 

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Consumer Federation of America, Consumers Union and the National Consumer Law Center have given two more states failing grades for offering choices to consumers.  Illinois and Missouri received straight F’s for having a multitude of short term credit options available to consumers.

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The Pundit was reading this nice story about helping people get banked and then I to this part: 
Based on U.S. Census data, it is estimated that 6,000 households in the City of Evansville are unbanked. Some families spend as much as $75 a month, or $900 per year, on cashing checks and getting cashier’s checks to […]

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That’s how far apart the Springfield, IL city council wants payday and title loan companies.  Remember, not 1600, not 1400, it’s 1500.  Fifteen hundred feet apart creates urban utopia.  From the story: 
Although the petition was passed by the commission Wednesday, several members expressed confusion about discerning which companies would be limited. Some said they weren’t sure […]

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Because this column by Democratic operative Donna Brazile is scaring me.   We’re posting it because she mentions payday loans as just one of the many boogymen that are going to lead the country to economic depression, anarchy in the streets, cats and dogs mating, and usher in the new Dark Ages. 
It’s all good.

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Interesting new post over at PDLindustryblog. 

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Bonnie Schoenberg, an Illinois payday lender, has a letter today in the Daily Herald: 
If responsible short-term loans are shut down for people outside the credit mainstream, they will have no choice but to turn to high interest credit cards and unregulated Internet loans (at rates in excess of 600 percent) or succumb to costly bank […]

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PDL industry blog says the contributions are a sign of a well organized industry.   We would put it even stronger.   Contributing to candidates is participating in democracy.  It’s the right of every American and the right of every industry. 

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There’s a city council hearing coming up:  
A public hearing is scheduled for 6 p.m. Wednesday, Aug. 20, in the Springfield City Council chamber on an ordinance that would require payday and title loan outlets to be separated by at least 750 feet. The ordinance also would create a legal definition for what the city considers […]

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…going on at the Chicago Daily Herald’s comment thread for Matthew Glans’ letter defending payday loans.  You can join in here.

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