Payday Pundit

This statement from Dollar Finanicial, which has 1,454 stores in the U.S. and abroad, was just released: 
Jeff Weiss, the Company’s Chairman and Chief Executive Officer, said, “Though we are generally supportive of sensible regulation which helps to create a fair marketplace, this decision by the Ohio Senate is an exception as the new law significantly […]

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The Bloggers Network conducted this online interview with the head of the Ohio Association of Financial Service Centers, Jamie Frauenberg.  Jamie, who is also a Sr. VP at CheckSmart, has been on the front lines these past weeks in the “battle of Ohio.”   From the interview:
If the Payday Loan industry disappears, where will people with no […]

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Matthew Glans of the Heartland Institute had this to say in the Akron Beacon Journal about Ohio legislation:
The Ohio legislature, like many governing bodies across the country, apparently believes it is a better economic steward than the market. Legislators are considering new laws that would limit the ability of consumers to choose what lending services […]

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Today’s News-Herald carried a great editorial on Ohio legislation:
It can happen to anyone, at any time. Maybe a sudden car repair. Perhaps an emergency at home. It could be a medical problem.
You need cash now.
Family and friends can’ t help, so you head for the local payday lender.
But, if a bill that passed the Ohio […]

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Mike Sussman appreciates the fact the payday loans are completely undertstandable as opposed the his incomprehensible credit card statement.       His column in the Newark Advocate concludes with this:
I have spent most of my life in the lending and lending subsidiary business. It has been my experience that banks will make ridiculous loans to questionable business […]

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This piece in Oregon’s Stateman Journal on poverty is a must read.  Author Bina Patel examines the issue of wealth creation and the relationship between government policy and poverty. Money quote: 
Closing payday lending businesses, intended to protect the poor from entrapment in cycles of debt, eliminates their last possible form of available credit, leaving many struggling to […]

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