More misinformed opinion
June 26, 2009 | Wisconsin, industry, industry critics, regulation | Comments (0)From the Appleton (WI) Post Crescent in an editorial supporting rate cap legislation:
Locally, Goodwill NCW is partnering with Prospera Credit Union on a nonprofit short-term loan program called GoodMoney, which also helps people get on a more solid financial footing.
This 252% loan would be banned under the rate cap. What is with editorial writers?
Changes, but not rate caps
June 26, 2009 | Wisconsin, industry, regulation | Comments (0)A really good letter in the Green Bay Press Gazette:
As a customer it is my responsibility not to borrow more than I can pay back. However, not everyone agrees. There is no limit for the number of loans allowed. I know people that have four or more out at one time.
As a responsible lender, I make sure my customers do not have multiple loans and are not borrowing more than they can afford. If they are unable to pay, I treat them with respect, compassion and try to find solutions that will work.
No Congressional probe of ACORN
June 26, 2009 | ACORN, industry | Comments (1)Disappointing to say the least. From the Washington Times:
House Judiciary Committee Chairman John Conyers Jr. has backed off his plan to investigate purported wrongdoing by the liberal activist group ACORN, saying “powers that be” put the kibosh on the idea.
Mr. Conyers, Michigan Democrat, earlier bucked his party leaders by calling for hearings on accusations the Association of Community Organization for Reform Now (ACORN) has committed crimes ranging from voter fraud to a mob-style “protection” racket.
The right overdraft protection
June 26, 2009 | alternatives, industry, personal finance | Comments (0)Some advice from the Newark Star Ledger.
Comment of the Day
June 26, 2009 | Arizona | Comments (0)This was posted on the Arizona Daily Star comment section in response to the editorial posted below:
So, is Congress gonna lend people in danger of gettin their electricity turned off, water turned off, get evicted, lose their car in the next 3-5 days; money??
Hows that gonna work???
Congress certainly does need to protect the consumer from unfair business practices and super high lending rates; but, to essentially tell people who just need money for a week or face “the consequences” – that NO, big brother, said “drop dead” – they are chargin you too much.
Thats overstepping your bounds, thats leading peoples lives and making decisions for them. And, thats NOT anyones job , but free americans.
Regulate , dont “take over” lives.
False data, false conclusions
June 26, 2009 | Arizona, industry, regulation | Comments (0)The Arizona Daily Star editorial page is listening to B.S. from our critics:
We urge Arizona’s congressional delegation to get behind this measure so that consumers aren’t saddled with extremely expensive loans that have interest rates approaching 400 percent annually. Payday loans often make borrowers’ financial situations worse, not better.
Incredible
June 26, 2009 | Uncategorized | Comments (0)Jackson Five singing “I’ll be there” acapella.
Sure, blame us
June 25, 2009 | Uncategorized | Comments (0)From the Associated Press:
By last Thursday, Gov. Mark Sanford was feeling much like the building in which he had held sway for the past seven years – battered and bruised.
Two days earlier, on June 16, an override of Sanford’s veto of new regulations on the payday lending industry capped what had been an especially grueling legislative session.
Round three
June 25, 2009 | industry | Comments (0)I said the Meyers/Kelvan fight would go six rounds. We’ll see, but here’s round three:
I congratulate Josh Kalven of Progress Illinois on replying to my last article. He did not run away, as most opponents do. Yet I remain perplexed as to how he dodges the specific issues raised in my article, and instead falls back on the old ad-hominem argument instead.
Josh, please return to address the issues I raised directly. I’ll reiterate them here:
1) Options for short-term credit are limited. You want to ban payday loans. What alternatives do you propose for those unable to use the other options?
2) If you have none, do you realize you are forcing them to more expensive options?
3) I posted a link discrediting the usury claim you made. Your reply?
4) Are you a government paternalist, who believes that people’s choices should be stripped away from them?
More opinion about Virginia situation?
June 25, 2009 | industry | Comments (0)PDLindustryblog has it.
