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.  

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.

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. 

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.

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.

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

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?