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1 year ago
in Banning Payday Loans is No Bargain on OpenMarket.org
We need to stop blaming the payday lenders for everyone else's irresponsibility! If I borrow 100 bucks from a friend, and am not able to pay it back, I don't blame my friend for lending me the money! That is just stupid. So why are we blaming our payday lender friends for providing a great service? In a recent article by ex senator and presidential candidate George McGovern, he says, "[p]ayday lending bans simply push low-income borrowers into less pleasant options, including increased rates of bankruptcy," Mr. McGovern rightly poses the question: "Why do we think we are helping adult consumers by taking away their options?"
Later in the article, he says, "[t]he nature of freedom of choice is that some people will misuse their responsibility and hurt themselves in the process. We should do our best to educate them, but without diminishing choice for everyone else."
This is how we need to look at this topic. Leave the payday loan stores alone and look for other options. Instead of taking away payday lenders, beat them at their own game by giving consumers even more alternatives!
Later in the article, he says, "[t]he nature of freedom of choice is that some people will misuse their responsibility and hurt themselves in the process. We should do our best to educate them, but without diminishing choice for everyone else."
This is how we need to look at this topic. Leave the payday loan stores alone and look for other options. Instead of taking away payday lenders, beat them at their own game by giving consumers even more alternatives!
1 year ago
in Nashuatelegraph.com: Governor to OK bill to cap rates at 36% on Nashua Telegraph
You people just don't get it. Some states have already changed the percentage rate on the payday loans and the payday lenders left the state. I know some of you retards think that it would be better if the stores were shut down, but statistics show that the stores help. Here is an article that shows this:
Payday lenders are the perfect target for politicians that want to seem compassionate. After all, a $15 fee on a two-week $100 loan amounts to an APR of 390% if the loan is rolled over for a year (accruing $15 every two weeks). What could be more evil than charging poor people 390% interest, right?
A recent study by the Federal Reserve Bank of New York suggests otherwise. As reported in the March issue of Reason Magazine, the study found that the citizens of two states where payday lending is banned "bounced more checks, complained more about lenders and debt collectors, and filed for Chapter 7 bankruptcy more often"1. Comparing payday lending to other options, the Community Financial Services Association of America noted that a $100 bounced check garners a $54 fee (equivalent to 1409% APR) and a $100 credit card balance can garner a $37 late fee (equivalent to 965% APR). As the study's authors write, "Forcing households to replace costly credit with even costlier credit is bound to make them worse off".
I am called uneducated and a victim because I use payday loans, but it seems that you morons are the uneducated and you are all victims of the "lawmakers" and Senators because they are feeding you false information. What these people in the government want is to shut the payday stores down because it will help big banks. If payday stores shut down, bounced check fees go up, overdraft fees go up, and big banks get even more rich than before, and guess who benefits from that...that's right, the government, the Senators, and the lawmakers. Leave the stores alone, they provide jobs and a service that I and many others take advantage of. If you don't like the fee they charge, don't use them! Duh!
Payday lenders are the perfect target for politicians that want to seem compassionate. After all, a $15 fee on a two-week $100 loan amounts to an APR of 390% if the loan is rolled over for a year (accruing $15 every two weeks). What could be more evil than charging poor people 390% interest, right?
A recent study by the Federal Reserve Bank of New York suggests otherwise. As reported in the March issue of Reason Magazine, the study found that the citizens of two states where payday lending is banned "bounced more checks, complained more about lenders and debt collectors, and filed for Chapter 7 bankruptcy more often"1. Comparing payday lending to other options, the Community Financial Services Association of America noted that a $100 bounced check garners a $54 fee (equivalent to 1409% APR) and a $100 credit card balance can garner a $37 late fee (equivalent to 965% APR). As the study's authors write, "Forcing households to replace costly credit with even costlier credit is bound to make them worse off".
I am called uneducated and a victim because I use payday loans, but it seems that you morons are the uneducated and you are all victims of the "lawmakers" and Senators because they are feeding you false information. What these people in the government want is to shut the payday stores down because it will help big banks. If payday stores shut down, bounced check fees go up, overdraft fees go up, and big banks get even more rich than before, and guess who benefits from that...that's right, the government, the Senators, and the lawmakers. Leave the stores alone, they provide jobs and a service that I and many others take advantage of. If you don't like the fee they charge, don't use them! Duh!
1 year ago
in Nashuatelegraph.com: House OK's payday loan interest cap on Nashua Telegraph
This article shows how payday stores help:
Payday lenders are the perfect target for politicians that want to seem compassionate. After all, a $15 fee on a two-week $100 loan amounts to an APR of 390% if the loan is rolled over for a year (accruing $15 every two weeks). What could be more evil than charging poor people 390% interest, right?
A recent study by the Federal Reserve Bank of New York suggests otherwise. As reported in the March issue of Reason Magazine, the study found that the citizens of two states where payday lending is banned "bounced more checks, complained more about lenders and debt collectors, and filed for Chapter 7 bankruptcy more often"1. Comparing payday lending to other options, the Community Financial Services Association of America noted that a $100 bounced check garners a $54 fee (equivalent to 1409% APR) and a $100 credit card balance can garner a $37 late fee (equivalent to 965% APR). As the study's authors write, "Forcing households to replace costly credit with even costlier credit is bound to make them worse off".
Gov’t has now found it important enough to make $30 decisions for consumers. What’s next, See Candies will probably be required to see dental records before they can sell a box of chocolate. It’s ok to buy $100 in lottery tickets with your SSI check, but spending $30 on a payday loan is forbidden. Gone are the days of freedom.
Do I need my government telling me how to spend $30? $30 is the fee for my last payday loan. I am a hell of a lot better equipped to make $30 decisions than my government. Will my Government please stay out of my $30 life, and worry about bigger, more important things. For example, the billion dollar Iraq war? The economy and inflation would be nice...I got a payday loan to pay $75 at the gas station the other day. What about the guys who spend $100 on lottery tickets every week...is that a better value then a payday loan...that's government sponsored! Hell, our government can't replace a toilet for less than $10k, so why meddle in my $30 world? A little bitty payday loan is the best you guys can come up with?
Bounced check fees, overdraft protection and credit card late fees are more expensive than payday loans. A $10 checking account error can cost $27, and a $15 late payment on a credit card can cost $37. Why do Senators want to limit the interest on payday loans, force the industry to shut down and put tens of thousands out of work during a recession? Why do they want to take away this cheaper, preferred credit option, denying access to credit to hundreds of thousands of average middle-class, and all class folks? Why do they want to increase the number of bounced check fees and credit card late fees paid to banks and credit unions? Whose side are they on? The consumer? I don't think so? I think they are on the side of the banks, how much are the banks paying these Senators and "lawmakers"? Why are they so worried about this little payday loan industry? It is helping, so leave it alone!
Payday lenders are the perfect target for politicians that want to seem compassionate. After all, a $15 fee on a two-week $100 loan amounts to an APR of 390% if the loan is rolled over for a year (accruing $15 every two weeks). What could be more evil than charging poor people 390% interest, right?
A recent study by the Federal Reserve Bank of New York suggests otherwise. As reported in the March issue of Reason Magazine, the study found that the citizens of two states where payday lending is banned "bounced more checks, complained more about lenders and debt collectors, and filed for Chapter 7 bankruptcy more often"1. Comparing payday lending to other options, the Community Financial Services Association of America noted that a $100 bounced check garners a $54 fee (equivalent to 1409% APR) and a $100 credit card balance can garner a $37 late fee (equivalent to 965% APR). As the study's authors write, "Forcing households to replace costly credit with even costlier credit is bound to make them worse off".
Gov’t has now found it important enough to make $30 decisions for consumers. What’s next, See Candies will probably be required to see dental records before they can sell a box of chocolate. It’s ok to buy $100 in lottery tickets with your SSI check, but spending $30 on a payday loan is forbidden. Gone are the days of freedom.
Do I need my government telling me how to spend $30? $30 is the fee for my last payday loan. I am a hell of a lot better equipped to make $30 decisions than my government. Will my Government please stay out of my $30 life, and worry about bigger, more important things. For example, the billion dollar Iraq war? The economy and inflation would be nice...I got a payday loan to pay $75 at the gas station the other day. What about the guys who spend $100 on lottery tickets every week...is that a better value then a payday loan...that's government sponsored! Hell, our government can't replace a toilet for less than $10k, so why meddle in my $30 world? A little bitty payday loan is the best you guys can come up with?
Bounced check fees, overdraft protection and credit card late fees are more expensive than payday loans. A $10 checking account error can cost $27, and a $15 late payment on a credit card can cost $37. Why do Senators want to limit the interest on payday loans, force the industry to shut down and put tens of thousands out of work during a recession? Why do they want to take away this cheaper, preferred credit option, denying access to credit to hundreds of thousands of average middle-class, and all class folks? Why do they want to increase the number of bounced check fees and credit card late fees paid to banks and credit unions? Whose side are they on? The consumer? I don't think so? I think they are on the side of the banks, how much are the banks paying these Senators and "lawmakers"? Why are they so worried about this little payday loan industry? It is helping, so leave it alone!
1 year ago
in Nashuatelegraph.com: Lawmakers correct on payday loan cap on Nashua Telegraph
Gov. John Lynch is not right in capping the payday loans at 36%, that will make them leave the state. What about those of us who can use these loans responsibly? These alternative short term loans are not going to work either. No company is going to give a short term, virtually unsecured loan for less than the payday lenders charge. What about those of us who don't qualify for anything else? I don't make very much money, and there are no other options for me right now. If my car breaks down, I have no way to get to work, except for the payday loans. I can go in to the store, and have the money I need to get my car fixed. I can't leave my job and find something new because I have health insurance with this job and my family needs that. If I leave, I have to wait 3 months or more before I can get health insurance again, and I have to hope that my current conditions are covered. Why don't we work on the health industry instead of this stupid payday loan industry? This is about as useful as the Gay Marriage conundrum! Get a grip people!
1 year ago
in Nashuatelegraph.com: Senate urged to back payday loan legislation on Nashua Telegraph
Why can't the government stay out of our business? I get payday loans on occasion and I don't have a problem. I am also able to drink just one beer or glass of wine without binging and becoming an alcoholic. People who drink alcohol kill other people. Payday lenders are not killing people, on the contrary, they are helping people. I can attest to that myself. I am out of debt because of payday stores. The government can't fix their kitchen sink without paying thousands of dollars, how are we supposed to trust them with our financial decisions? I pay $30 for my payday loans. I am well equipped to spend my $30. I do not need help spending my $30, especially from the government! Leave payday lenders alone and concentrate on something that really matters, like the billion dollar war going on in Iraq.
1 year ago
in Nashuatelegraph.com: Proposed bill would cap payday loans at 36% on Nashua Telegraph
Would you people stop meddling please? Here is what is going to happen if you get your way; the payday loan stores are not going to be able to afford to stay open and those of us who rely on them for help from time to time are going to lose out. You don't use them, so leave them alone! The last payday loan that I received cost me $30, if I need help spending my $30, I will ask someone, but I would never ask the government to help me when they can't even replace a toilet for less than 10k. Payday loans are a help and this article proves it:
Payday lenders are the perfect target for politicians that want to seem compassionate. After all, a $15 fee on a two-week $100 loan amounts to an APR of 390% if the loan is rolled over for a year (accruing $15 every two weeks). What could be more evil than charging poor people 390% interest, right?
A recent study by the Federal Reserve Bank of New York suggests otherwise. As reported in the March issue of Reason Magazine, the study found that the citizens of two states where payday lending is banned "bounced more checks, complained more about lenders and debt collectors, and filed for Chapter 7 bankruptcy more often"1. Comparing payday lending to other options, the Community Financial Services Association of America noted that a $100 bounced check garners a $54 fee (equivalent to 1409% APR) and a $100 credit card balance can garner a $37 late fee (equivalent to 965% APR). As the study's authors write, "Forcing households to replace costly credit with even costlier credit is bound to make them worse off".
So why don't you people work on the education in this country and stop trying to ruin a good thing for those of us who need it. If you fix the education, you can educate the children about payday loans so that they can make good decisions in their life. You are tapping at the surface, get to the root.
Payday lenders are the perfect target for politicians that want to seem compassionate. After all, a $15 fee on a two-week $100 loan amounts to an APR of 390% if the loan is rolled over for a year (accruing $15 every two weeks). What could be more evil than charging poor people 390% interest, right?
A recent study by the Federal Reserve Bank of New York suggests otherwise. As reported in the March issue of Reason Magazine, the study found that the citizens of two states where payday lending is banned "bounced more checks, complained more about lenders and debt collectors, and filed for Chapter 7 bankruptcy more often"1. Comparing payday lending to other options, the Community Financial Services Association of America noted that a $100 bounced check garners a $54 fee (equivalent to 1409% APR) and a $100 credit card balance can garner a $37 late fee (equivalent to 965% APR). As the study's authors write, "Forcing households to replace costly credit with even costlier credit is bound to make them worse off".
So why don't you people work on the education in this country and stop trying to ruin a good thing for those of us who need it. If you fix the education, you can educate the children about payday loans so that they can make good decisions in their life. You are tapping at the surface, get to the root.
