Payday Pundit

The Progressive Index newspaper of Virginia.   Where do we begin? How about with:
A payday lender might also require you to pay an additional service or processing fee of as much as $25, making the cost of the $100 loan even higher.
We know of no payday lending that charges processing fees.  We don’t believe they are discussing […]

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The City Council struck a deal with payday lenders.  Lenders will fund a financial literacy program.  Here’s the story in the Alexandria Times. 

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Read all about it here.

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From the Alexandria (Virginia) Times:
Predatory Shakedown
Councilman Justin Wilson has abandoned his bid to raise taxes on car-title lenders and payday lenders to the highest possible rate available under Virginia law. Instead he offered a “voluntary program” Tuesday night in which industry officials agreed to make ongoing commitments to fund financial literacy programs in Alexandria.
Wilson said […]

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…So said David Clarke of Virginians against Payday Loans today while speaking at the national conference on debt culture. Discussing the debate over payday lending in Virginia, Clarke stated, “The printed press- the earned media- they were clearly with us.” 
While the Payday Pundit recognizes this was, in fact, the case, she is speechless.

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From the Alexandria Gazette:
THE NEW TAXES and fees created about $18 million in new revenue, and Hartmann’s cost-saving measures created about $2.3 million in spending reductions. Yet one potential new source of revenue was delayed Monday night. Councilman Justin Wilson’s proposal to raise taxes on payday lenders and car-title lenders, which he called “predatory lending […]

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So says a wise Virginian in this letter to the editor in the Daily Press.   Mr. Gerald Ross of Hampton says he’s never used a payday loan, but thinks the responsibility for personal financial decisions should be up to the individual, not the government.
The Payday Pundit agrees.  
 

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Funny blurb from the local Alexandria, Virginia newspaper:
When You Care Enough

The threat of a lawsuit is a time-honored motivational tool, and one that is a familiar weapon at City Hall. Since Councilman Justin Wilson announced a proposal to raise taxes on payday lenders and car-title lenders two payday-lending companies have sent lawyers to publicly threaten […]

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According to this piece, people are bringing their gold to pawnshops to get enough money to fill their gas tanks before payday.   From the article:
   “We’ve got people from Williamsburg and different places that have never been in a pawn shop, and they are a little bit nervous coming in until they talk to my […]

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Tommy Moore discuss the negative impacts of payday loan bans in his most recent LTE.

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