Payday Pundit

On the issue of Oregonians now turning to Internet lenders, this observer says: 
Who could have seen that coming? Why, It’s almost as if people seek out services to fulfill their needs!
We wish we said that, but it’s the “Oregon Commentator” sharing his wisdom in this column.

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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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Wallet Pop’s newest post details the state of the industry today.
He notes that in Oregon, a 36% annual cap was put on the payday lending industry, and 80% of the stores closed up and went out of business.
Payday Pundit especially likes the first comment posted in response, “I enjoy seeing states tighten credit in the middle of […]

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Jeff Merkley, Oregon legislator and candidate for U.S., is most famous for leading the charge to drive payday lending out of the state.  He seems most proud of it as evidenced by this flyer sent out by the AFL-CIO in support of his candidacy.  The Payday Pundit calls readers attention to the typos in the flyer and hopes that […]

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In a stunt to gain publicity, House Speaker Jeff Merkley toasted the closing of payday loan stores in Oregon.  
As seen in other states where payday lenders have been forced to close their doors, Oregonians will now spend more money bouncing checks, using overdraft protection, and paying bills late. 
Congrats Speaker Merkley.  While you are toasting the […]

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Nice to see a consumer blogger playing it straight.  This Seattle Post Intelligencer blogger picks up Check into Cash’s announcement with no commentary.   It’s also picked up by BizJournals.   Maybe politicians will get the message that a 36% rate cap IS A BAN. 

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Check into Cash, a CFSA member company and one of the nation’s largest payday advance companies, has announced that they have closed their remaining 13 stores in Oregon. Their action comes one year after the Oregon legislature passed a law imposing a 36% APR cap on payday loans.
 
Allan Jones, Check into Cash CEO, explained that […]

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According to the latest Department of Labor numbers, 63,000 jobs were lost in February, with the financial services industry being one of the industries hit hardest.
While some industries, like construction, were victims of a market slowdown, payday lending employees were victims of over-regulation.
In states like Oregon and Pennsylvania, the payday lending industry has been virtually regulated […]

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