The windbag would be Warren Bolton, the obsessive compulsive payday lending foe who has written his 4,374th column on payday lending in today’s State Newspaper.  Compare Mr. Bolton’s smugness and self-righteousness to the sincerity of Ms. Linton’s column below.  The contrast is stark.

That would be Martha Linton, who has a terrific guest opinion piece today in the State Newspaper of South Carolina.  From the piece:

Several years ago, unforeseen family responsibilities sometimes required me to spend more money than I had at that moment. The banks would not tailor a small loan to meet my immediate need. I found out the hard way that credit cards and other “easy loan” offers are rip-offs with high interest rates and extra fees.

So I started doing business with payday lenders, by borrowing what I needed to get me to the next payday, a situation I never dreamed I would face.

I did not borrow more than I needed, and I always paid back the money. The transaction was simple and the terms understandable.

Thankfully, the responsibilities that required me to get short-term loans have passed, and I no longer am a regular customer, though I recently had to take out another loan, and I reserve the right to do so again if I choose.

The Payday Pundit doesn’t understand why lawmakers listen to out-of-touch fringe groups instead of hardworking, smart citizens like Martha Linton.  

“Payday lending bill is dead” says the headline from the State Newspaper.

State Rep. Harry Cato, R-Greenville, said he took umbrage at consumer advocates who criticized a House subcommittee that has not acted on the bill since it passed the state Senate on Feb. 19.

Cato, chairman of the House Commerce Committee, said a week ago that the bill would get a vote by May 20 or 21, when the banking subcommittee meets. He said he changed his mind after the AARP held a press conference Tuesday, criticizing the subcommittee for delaying the bill.

Read the details here. 

So says Larry Wilson in the State Newspaper of South Carolina.   We don’t normally see much wisdom from the editorial page of this paper, but this is a guest columnist, not one of their regular writers.   Wilson, the chairman of the South Carolina Council on Education, says: 

A staff report of the Federal Reserve Bank of New York concluded that consumers in Georgia and North Carolina have more debt and bankruptcies since those states banned payday loans.

The much wiser course is for government and the private sector to help consumers help themselves become economically literate. We need to educate, not overregulate.

The Payday Pundit applauds the State newspaper for giving space to Mr. Wilson. 

There will be a hearing Thursday in a South Carolina House subcommittee on the recently passed Senate bill.     This State Newspaper story says: 

This week, nearly 10 years after it legalized payday lenders, the S.C. General Assembly is on the verge of deciding whether to restrict them.

At 9 a.m. Thursday, a House subcommittee will hear testimony from consumer credit counselors and loan companies on a bill passed Feb. 19 by the Senate.

The Senate’s proposal could go into law if it passes the House, differences are worked out between House and Senate leaders, and it is signed by the governor.

If no action is taken before the session ends in June, the bill will die.

That would be Warren Bolton of the State Newspaper in South Carolina.  By far, Warren Bolton has written more anti-payday lending stories of anyone in the country: almost 40 over the past few years.   Like many “progressive” elitists, Bolton believes that citizens aren’t wise enough to make their own personal choices, but need guidance from their betters.   And any legislator who doesn’t take direction from Bolton is opposing the will of the people, which only Bolton knows. 

As an editor and columnist, Bolton is expected to offer opinions on issues affecting the paper’s readership.  But his personal jihad against the payday industry is unique; it’s obsessive, vehement, and scary.   That’s why we think of him as a ”stalker.” 

And we’re not the only ones who have problems with Bolton.   Check out this this old link  on “Warrin” Warren.

Today’s issue of The State features a letter to the editor from Tommy Moore of the Community Financial Services Association.  In the letter, Moore defends payday loans in the face of recent coverage of legislative initiatives in South Carolina. 

It’s good to see another side of this issue presented.

The State covers the latest developments of the payday lending debate in South Carolina. Coverage includes common-sense commentary from  S.C. Rep. Phillip Owens on payday lending businesses and their lending practices. 

The business man is not going to be irresponsible in his business practices — in this case, the lending business. He would like to get repaid.

An allegation oft repeated by industry critics is that payday lenders lend money to people who can’t pay them back.  In case critics need reminding: Payday lenders are not operating as charities or non-profits. They are a business, run by business people.  If you lend money to people who can’t pay you back…you business model would prove faulty and you wouldn’t be in business very long.  Don’t they teach that the first day of business school?

The House subcommittee action in South Carolina is described in this article in the State Newspaper.  No details on how quickly legislation is moving.