Payday Pundit

In yesterday’s Concord Monitor, a Mr. Paul Stillwell put forth his idea for a plan to replace payday lenders in New Hampshire.  The Payday Pundit doesn’t agree with his point of view (calling payday lenders “parasitic” is a bit over the top), but at least Mr. Stillwell has a suggestion that doesn’t involve borrowing money […]

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One government official had this to say about the inevitable closing of payday lenders across New Hampshire:
“(The industry spokesmen) say ’What are people going to do that don’t have access to these anymore?’ But we lived a long time in this country without access to these payday loans.”
Indeed we did.  But that is, in no […]

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David Martin, who owned a small payday lending business, wrote in to the Concord Monitor last weekend to share the consequences of the recent New Hampshire payday lending legislation:  he lost his business.  In response today, Cary Gladstone (who looks to be an employee of a non-profit organization) tells Mr. Martin and his customers to […]

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I’ve been alerted that the following letter was published in the Manchester, New Hampshire Union Leader on July 9th.  If anyone can find an online link, please send. 
Gov. John Lynch closed my business
To the Editors: 
My name is David Martin. I own Colortyme Payday loans in Manchester. My partner and I are both longtime full time […]

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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 […]

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The New Hampshire house and senate have concurred. The effective date on the payday lending ban will remain January 1, 2009.

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Just a few comments on this Associated Press story about a new “payday loan alternative” in New Hampshire.
The article fails to mention a few key points:
1- St. Mary’s Bank is  a credit union, not a bank
2- The MyPay product is offered in two loan amounts: $250 and $500.  There is an 18% APR, along with […]

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In New Hampshire’s 2006 election, Democrats were handed control of all branches of state government–for the first time since 1874.
Andrew Cline, editorial page editor of the New Hampshire Union Leader, writes about the consequenses of Democratic control in a column for National Review.
Now they are paying the price — literally. The orgy of taxing, spending, and regulating in which […]

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Thanks to Dave for sending the following to Payday Pundit…
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New Hampshire is on the verge of banning payday loans. I own a payday loan office in Manchester, NH. The following is a letter one of my employees wrote to address this injustice.
Guest Shot: Appalled at Legislatures effort on payday lending
February 22, 2008 6:00 AM

I am a payday […]

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