Salt Lake City forbids “clustering”
September 26, 2008 | industry | Comments (1)From the story:
By unanimous vote, the Planning Commission this week agreed to a half-mile spacing requirement for future payday-loan businesses. That same distance restriction would apply from schools, churches, city-owned government buildings and state property.
The recommendation now moves to the City Council, whose members want to join the ranks of nine other Salt Lake Valley cities that have cracked down on the highinterest- loan stores.
“The ethic we have in the city and one we are trying to promote is being responsible financial citizens,” said commission Chairman Matthew Wirthlin.
At least one commissioner questioned whether the move goes far enough.
“If we don’t put a cap but we put a spacing limit, the city could have more than the existing 49′ stores, Commissioner Susie McHugh argued.
If Salt Lake City adopted a one-per-10,000-residents rule, as other cities have done and planning staffers recommend, that number eventually could be slashed to 18.
Burned or castrated?
September 26, 2008 | industry, personal finance | Comments (1)That’s the profound (if tongue in cheek) question asked by this “payday lender.” Actually, a fairly intelligent critique.
Comment of the day
September 26, 2008 | Uncategorized | Comments (0)The “faith leaders” are opposed to payday loans yet they don’t mention credit cards or other debt as leading to a “cycle”. Payday loans are designed to be paid off in full in a short timeframe, credit cards that have a minimum payment and are designed to keep you paying forever.
They are also opposed to gambling, yet in our neighborhood gambling activities are conducted by and benefit the Catholic Church. These include ongoing Bingo activities that if are not sponsored by the Church are sponsored by church-associated groups. Their gambling operation also includes “festivals” which liberally dish out alcohol and various types of gambling. These festivals are held directly on church property.
I’m trying to give these people the benefit of the doubt because they are clergy, but their opinions seem to run from the uneducated to the outright hypocritical. I think they need to take a closer look at both issues.
Reality of tight credit
September 26, 2008 | industry, personal finance | Comments (0)The New York Times says daily economic activity is being restricted.
Will “Paulson’s profits” go to payday lending critics?
September 26, 2008 | industry, industry critics | Comments (1)Dems want some of the money from the resale of bad debt to go to “consumer advocacy” groups.
The Better Business Bureau and Magic Johnson
September 26, 2008 | industry | Comments (0)The LA Voice blog is not happy that the Better Business Bureau is going to consider companies in “problematic” industries less welcome. Magic is big into the fast food business.
This new rule, scheduled to be voted on at the BBB annual meeting Oct. 5-6, will make it hard for payday lending companies to join the BBB. Negative media attention stirred up by industry critics will be enough to justify labeling the industry “problematic.”
That’s nice
September 26, 2008 | alternatives, industry, industry critics, personal finance | Comments (0)New Millennium Bank will wave late fees and suspend credit cards payments for three months for victims of Hurrican Ike.
Can’t we all just get along?
September 26, 2008 | Ohio, industry, industry critics, media coverage, states | Comments (1)Apparently not. While a group of religious leaders held their news conference criticizing casino gambling and payday loans, they were confronted by a group of free-mark, limited government-type Ohioans, according to this story.
You gotta love free speech.
Comment of the day
September 25, 2008 | Uncategorized | Comments (2)I wonder how the IRS feels about these churches and religious figures taking a stance one way or another regarding political issues. Just thinking because the United Church of Christ was investigated when Obama spoke at their convention, and was later vindicated because no where within the senator’s speech did he mention politics and was there as a guest of the UCC to speak of his faith journey and being a member of the UCC.
This on the other hand is a completely different circumstance – - these ministers and priests alike seem to be ‘trying’ to talk their members into voting one way and then hiding behind their pulpits when they are faced with the truths.
All because of Bill “the man that has no” Faith in people deciding their own lives.
No faith in free markets
September 25, 2008 | Ohio, industry, media coverage, states | Comments (4)As promised, here’s the first news story on the news conference held by religious leaders in Ohio opposed to casino gambling and for payday lending reform.
