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 lights and our employee health benefits are not going down.”
Also from the article:
Jamie Fulmer, a spokesman for Advance America, said payday lenders fill a void for tight households that need money for an unexpected expense.
“Banks used to offer customers a few hundred bucks to tide people over to the next paycheck, but they don’t do that anymore because they make more money in fee businesses,” he said.
The Payday Pundit will be posting more developments from Ohio later in the day.
