If you live in Ohio, please contact your Senator!
May 2, 2008 | Ohio, industry, regulation, states | Comments (2)
The Ohio House of Representatives has passed a bill that would ban payday lending in Ohio. The Senate will debate the bill next week.
Why should you care? If this bill passes, payday lenders will close their doors in Ohio. Even if you’ve never used a payday loan and don’t plan to, do you think the government should be eliminating credit options? The hard reality is that employed, hard working Ohioans sometimes fall short of cash between paydays. Why should the government make their credit decisions for them?
And what about the 6,000 Ohioans who will lose their jobs? What will happen to them?
The elimination of more than 6,000 jobs and a regulated short-term credit option are at stake.
- 6,000 jobs with benefits, such as healthcare and retirement, will be lost
- 1,600 payday lending stores would close
- If the industry is banned, the ripple effect will be felt by vendors, suppliers, local businesspeople and the Ohio tax coffers.
- A regulated short-term credit option would be yanked away from Ohio’s consumers, leaving them to choose between less desirable, more costly alternatives.
Comments»
A lot of people depend on these services, granted the rates are enormous but, closing these places for payday loans is not the answer. There has to be another alternative than to close these places down.
There will be alot of these businesses that will stay open, there will not be 6000 people out of work because of this. It is extremly low to portray the hard working farmer as poor money managers. All this bill is doing is putting the percentage rates more in line with creditcard rates, instead of the outragous amount they currently charge.