32 flavors and then some
August 28, 2008 | OH CRL, Ohio, alternatives | Comments (0)I was at the grocery store last night and took a spin down the bottled water aisle. I counted over ten different brands of water. TEN! That was just for still water, not fizzy fancy mineral water or ultra pure distilled or raspberry flavored “performance” water…just plain old water that you can get for pennies out of the tap. Why does my grocery store carry ten different brands of plain old water? Because consumers like choices, they might like the image that goes with drinking a fancy French fizzy water, they might choose bottled water over a soda or their tap water might taste like bog water (as mine does) and prefer drinking water that has been purified elsewhere. In the end, no one forces consumers to buy bottled water, but if they want it the option is there.
That’s what Ohioans for Financial Freedom are fighting for. You don’t have to take out a payday loan if you don’t want to. There are alternatives, someone with an unexpected expense can take a cash advance on their credit card, ask their employer for an advance on their payday, ask their family for help, they could pawn a valuable item, some credit unions offer loans or they could just go ahead and pay overdraft or late fees. These are all perfectly good options, as is taking out a payday loan and that option should remain available to those that want it.
Reminder: Get your dose of the Payday Pundit on your mobile device
August 27, 2008 | Uncategorized | Comments (0)
Yes or no?
August 27, 2008 | Ohio, industry, regulation, states | Comments (0)Should Ohioans have the right to choose whether they use payday lending services? The people at paydayfacts.org are conducting a poll. Make your voices heard.
Theft is not a debt management tool!
August 27, 2008 | Uncategorized | Comments (0)Again! Another blogger advocating theft as a way to deal with debt! This is not a solution people!
If you can’t pay back your payday loan in the time allotted, talk to your lender, work out a payment plan. All CFSA member companies have extended payment plans as part of the CFSA best practices.
Putting stop payments on checks written to payday lenders will not improve your credit score, matter of fact it will probably worsen it once you get done paying court costs and legal fees!
Another Populist Pandering to the Masses
August 27, 2008 | alternatives, industry critics | Comments (2)America’s #1 Populist, Jim Hightower, has jumped on the anti-payday lending bandwagon and denounced payday loans. Like so many of the anti-payday lending groups, Mr. Hightower demands that payday lending businesses be shuttered to protect “very-low-wage working people – those living paycheck to paycheck who can least afford to have their pockets picked” but fails to tell those very same people what to do when they need to make ends meet. If you don’t offer any other option for a clearly defined need, is that actually helpful? Payday loans are often a less costly option to bouncing a check, paying overdraft fees or other bank charges. Take away this option, what are consumers to do when they have an unexpected expense? The masses are waiting for your answer, Mr. Hightower.
More support in Ohio
August 27, 2008 | Ohio, Uncategorized, positive media coverage, regulation | Comments (0)Ohio Grocers Association Supports Ohioans For Financial Freedom To Keep Ohio Jobs and Consumer Choices
COLUMBUS, OH – The Ohio Grocers Association today gave its endorsement for the efforts of Ohioans For Financial Freedom to repeal section (3) of H.B. 545 saying the legislation goes too far and will hurt Ohio grocers and consumers.
“The national credit and foreclosure crisis has had a detrimental impact on our already struggling economy. While we applaud the Ohio Legislature’s intention to curb that impact, by passing H.B. 545, we do not feel that eliminating funding sources for consumers is the way to solve the problem,” said Tom Jackson, President/CEO of Ohio Grocers Association. Jackson stated that his association members’ customers who have responsibly utilized the services of the payday lending industry may have that financial option eliminated in a future financial pinch. “If payday lending businesses cease to exist in Ohio, which is likely if H.B. 545 is enacted, OGA’s members could be hurt through an increased number of bounced checks, fraudulent checks and even theft. We have many grocers who operate in underserved areas of the state, areas that could experience an even greater impact by the loss of additional lending choices, choices that should be made by each consumer, not by the government, said Jackson.”
The Ohio Grocers Association believes that the regulated, reliable short-term funding source for many Ohioans should remain intact as to prevent additional hardships on Ohio’s small businesses that they clearly don’t need –especially with the current economic challenges. The potential loss of 6,000 payday lending jobs and their loans could ultimately result in lost business for everyone in the community.
Founded in 1899, the Ohio Grocers Association is located in Columbus, Ohio. The Ohio Grocers Association is committed to the well being and progress of the Ohio food industry and its members. Our purpose is to represent the membership through legislative and regulatory efforts with an effective government relations program, to be the resource for industry education and communications, to work with industry partners and alliances to best serve the membership, and to operate as a professional income generating business dedicating its resources to the membership.
Ohio Gov Strickland to DNC: Ohioans are worried about their jobs
August 27, 2008 | Ohio | Comments (2)An excerpt from Governor Ted Strickland’s speech during the Democratic National Convention last night:
But along with the beauty and promise of America, a big, diverse state like Ohio also lives with the challenges of the American economy. And tonight, at kitchen tables across Ohio and the heartland, mothers and fathers are worried. They’re worried because DHL just said it was planning to cut 8,200 jobs, and they wonder if their jobs are going to be next.
Strickland hit the nail on the head with this one. Although he forgot to mention the 6,000 mothers and fathers who will lose their jobs due to bill he signed to shut down payday lenders in Ohio. And he failed to mention the hundreds of thousands who will be left without options when they run short of cash between paychecks if payday lending is banned.
Read the full text of Strickland’s August 26th speech to the DNC. The theme of the day was “Renewing America’s Promise.”
Ohio Chamber of Commerce and Grocers’ Stand Behind Payday Lenders
August 27, 2008 | Columbus Dispatch, Ohio, media coverage, positive media coverage | Comments (3)The Columbus Dispatch reports on the Chamber of Commerce’s position:
The chamber said the new law, House Bill 545, imposes overly broad regulations that are “not the way to revitalize Ohio’s economy.”
“The Ohio Chamber champions free enterprise and economic competitiveness and we believe HB 545…runs counter to our mission”, said Andrew E. Doehrel, president and CEO of the Ohio Chamber of Commerce. “This new law, if not reined in by Ohio voters, will drive an entire industry and 6,000 good-paying jobs out of our state.”
“As we strive to turn around our economy we must allow the free market to meet consumer demands and facilitate the creation of much needed jobs”, Doehrel said.
And the position of the Ohio Grocers’ Association:
Later in the day Tuesday, the Ohio Grocers’ Association also joined in support of payday lenders. “If payday lending businesses cease to exist in Ohio, which is likely if H.B. 545 is enacted, OGA’s members could be hurt through an increased number of bounced checks, fraudulent checks and even theft,” said Tom Jackson, association president and CEO.
Comment of the day
August 26, 2008 | industry | Comments (0)Our government is so worried about the stupid things…..how about putting caps on our utilities… some of us won’t be able to pay our heating bills this winter or put gas in our cars…but you worry about companies that give people money so they can make it to their next payday….ask the people who borrow it’s their choice not Mr High & Mighty Governor Strickland’s choice….If he doesn’t want to have to borrow…good for him, not everyone has the money he has. I hope he enjoys his days in office… I’m sure he won’t be getting re-elected with all the decisions he’s making.
Today’s Democratic National Convention Theme: “Renewing America’s Promise”
August 26, 2008 | Uncategorized | Comments (0)Tonight’s featured speakers at the DNC will focus on the economy, detailing plans to grow the economy, creatw jobs and expand opportunities. The speakers will include Governors: Kansas’ Kathleen Sebelius; Arizona’s Janet Napolitano; Montana’s Brian Schweitzer; Pennsylvania’s Ed Rendell and (ironically) Ohio Governor Ted Strickland. Other speakers include PA Senator Bob Casey, Jr, former VA gov Mark Warner, and Senator Hillary Clinton.
Let’s hope they actually focus their efforts on helping people by creating jobs and expanding opportunities and not on limiting access to short-term credit as (in their words) “millions of Americans struggle to get by.”
