Credit cards curtailed
October 29, 2008 | alternatives, industry, personal finance | Comments (0)First came the mortgage crisis. Now comes the credit card crunch.
After years of flooding Americans with credit card offers and sky-high credit lines, lenders are sharply curtailing both just as an eroding economy squeezes consumers.
The pullback is affecting even creditworthy consumers and threatens an already beleaguered banking industry with another wave of unprecedented losses. Lenders wrote off an estimated $21 billion in bad credit card loans in the first half of 2008 as borrowers defaulted on their payments.
The Payday Pundit thinks that somehow payday lenders will be blamed for this.
What’s the interest rate on this?
October 29, 2008 | alternatives, industry, personal finance | Comments (0)A story out of California about someone payding $650 in bounced check fees for overruning their account by $100.
Lawrence Meyers: Ohioans: Vote NO on Issue 5; Oust Husted, Widener
October 29, 2008 | Ohio | Comments (0)An excerpt from the article posted on Blogger News Network:
Ohioans who believe in consumer choice, and that government should not meddle in the affairs of citizens, must vote NO on Issue 5. This referendum seeks to overturn portions of HB 545, legislation that unreasonably caps short-term loan rates.
Who came up with this misguided, paternalistic legislation? State Rep. Chris Widener, a pandering Republican who believed that by cracking down on a product that tens of thousands of Ohioans use annually, that he could score points with the electorate. He vomited forth this abomination despite being an alleged “free market” advocate, which alone demonstrates the putrid depths he was willing to sink to in order to make himself look good.
Stupid headline out of AZ
October 29, 2008 | Ohio, media coverage, states | Comments (0)Comment of the Day
October 29, 2008 | Uncategorized | Comments (0)A PARK BENCH AS AN ADDRESS!!!!are you people crazy?what is happening to this country?Its time for people to step up .get rid of these idiot judges!!!!
Early morning roundup: Ohio
October 29, 2008 | Ohio, industry, media coverage, regulation | Comments (0)A local Chamber of Commerce official goes against the State Chamber’s position.
We’re up in Ohio!
October 28, 2008 | Ohio, industry, media coverage, regulation, states | Comments (0)The latest poll right here:
The survey of 648 likely Ohio voters, including those who have already cast ballots, shows 43 percent voting “no” on Issue 5. The ballot issue would limit interest charges on payday loans, and restrict the number of loans an individual could take.
32 percent of Ohio voters were planning to vote or had voted “yes” on Issue 5, in favor of the limits on lending. A full 25 percent of Ohioans were still undecided, making the outcome of the vote next Tuesday unpredictable.
Freeze
October 28, 2008 | Missouri, industry, media coverage, regulation, states | Comments (0)City of Rock Hill, Missouri has put a six-month freeze on the opening of “new lending institutions.” Hey, it’s nice that they’re referring to payday lenders as an “institution.”
High Impact Leadership Coalition: National, state and local leaders oppose Ohio’s Issue 5
October 28, 2008 | Ohio | Comments (0)
Check cashers cast eye on OH, AZ
October 28, 2008 | Arizona, Ohio, industry, regulation | Comments (0)From our friends at RTO online:
“What happens on Election Day in Ohio and Arizona will unquestionably impact the future of the payday industry,” FiSCA Chairman Coleman said in a recent letter to members. “A defeat in either or both states potentially could have a negative ripple effect on other states or even at the federal level. Whether or not you conduct business in Ohio and/or Arizona, you have much to gain or lose in the upcoming elections.”
The Payday Pundit thinks predicting “ripple effect{s}” is hard to do. There are so many other factors influencing state legislative agendas–the economy, local priorities, makeup of the legislature–as well as the simple political inclinations of the citizens of the state.
