Over the top rhetoric
March 31, 2009 | South Carolina, industry | Comments (1)We’ve always said, if you don’t like payday loans, don’t use them. Why someone would write to a paper in South Carolina and say this is beyond our comprehension:
Payday lending is a crime against humanity and should be outlawed.
Darfur is a crime against humanity. Strapping on a bomb belt and blowing up a marketplace is a crime against humanity. Can’t our critics get some perspective?
By the numbers
March 31, 2009 | industry, international | Comments (0)From a story out of Canada:
69% People who are aware of the amount they pay for all payday loan fees
21% Those who use payday loans because of convenient locations
35% Borrowed the money to pay for necessities
31% Borrowed the money because of an unexpected expense
47% Those who use payday loans because they are quick and easy
The Payday Loan Opponent Hall of Shame
March 30, 2009 | industry, regulation | Comments (0)From Blogger News:
I was terrible at debate in high school. I didn’t understand how to establish a case, make a plan, attack the opponent’s position, or formulate logical arguments to counter their assertions.
Neither do opponents of the payday loan industry. The difference is, back in high school, there was nothing at stake except pride. Here, in the real world, payday loan opponents, consumer activists, corrupt charities, ideologues, and grandstanding politicians try every trick in the book to avoid discussing the facts. Their refusal to do so has resulted in harming the very consumers they purport to be helping.
And coming soon…a new website at PDLHallOfShame.blogspot.com…According to the article, “it will name names – the hacks, liars, fools, ideologues, grandstanding politicians and the rare honorable person who at least has the courage to debate the issue logically.”
Comment of the Day
March 30, 2009 | Uncategorized | Comments (0)Most poignant comment ever:
I am 1 payment behind on my mortgage which amounts to 500.00. These people are telling me that they are going to turn the file over to an attorney if I don’t take care of it right now, without the ability to obtain either a Pawn loan or a Payday loan I will get kicked out of my home. Leave us alone, we are doing fine, fix the problems you created then come and talk with me about mine.
“Insane” in West Virginia?
March 30, 2009 | Uncategorized | Comments (0)PDLindustryblog has some strong words for the state.
House hearing this week
March 30, 2009 | federal legislation, industry | Comments (0)The Financial Services Subcommittee will hold a hearing on Thursday on Rep. Gutierrez’s payday lending legislation legislation which you can read about here.
The Payday Pundit will attend and report back in this space.
Customer service or exploitation?
March 30, 2009 | industry, personal finance | Comments (0)Good story on overdraft protection.
Good advice
March 30, 2009 | alternatives, industry, personal finance | Comments (0)Don’t use 401k money to pay off debt:
Once the money is withdrawn, you can’t put it back. That means you lose all the future tax-deferred gains the money could have earned. Assuming an average 8% annual return over 30 years — and the stock market has achieved that, even counting in the years of the Great Depression — you’ll wind up losing $10,000 or more in retirement money for every $1,000 you withdraw now.
Recession beard, sue your broker
March 30, 2009 | Uncategorized | Comments (0)Walletop has some good stuff today. We like the recession beard story best.
All or nothing
March 30, 2009 | ACORN, Consumer Federation of America, federal legislation, industry critics | Comments (0)That’s the attitude of consumers groups when it comes to federal legislation on payday lending. Read this story about the crazy letter they sent to Congressman Gutierrez.
