Payday loan regulation bill moves forward

A bill tightening regulations on payday loans narrowly passed the House on Monday after critics said it would run short-term lenders out of business — hurting, rather than helping, the poor.

http://www.denverpost.com/news/ci_8362972

Those who support this bill, I hope you understand the law of unintended consequences. It will simply remove another choice for people. It will not suddenly make poor people rich. This is what Reason magazine had to say about payday loan bans:

Reason, March 2008, Page 10-11, Katherine Mangu-Ward

“A new report finds that banning payday lending, makes customers worse off.”

“Authors Donald P. Morgan of the federal reserve and Michael R. Strain of Cornell University found that the citizens of those states (the states where payday lending is banned) bounced more checks, complained more about lenders and debt collectors, and filed for chapter 7 bankruptcy more often. The correlation between reduced payday lending and increased credit problems, they write “contradicts the debt trap critique of payday lending, but is consistent with the hypothesis that payday credit is preferable to the substitutes such as the bounced –check ‘protection’ sold by credit unions and banks or loans from pawn-shops.”

Comments

[grant]

This is true! Why is the government doing this? Why can't they just stay out of it? By capping these lenders, they are basically banning them, which takes that option away from customers. Gov’t has now found it important enough to make $35 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? Do you people even
know how a payday loan works? Yep, $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 paid $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?

[payday loan]

There are cheap payday loans available, there are even free payday loans that cost absolutely nothing if paid back on time! I discuss these at length at:
http://paydayguarantee.com

[Ruth]

I also ask if they know how many workers will loose their jobs and how many are depending on the salaries that are generated from the workers at payday loans? Americans are surely grown up enough to decide wether to use payday laons or not!! How much will it hurt the state when the salaries are not being spend in colorado?

[RunColo]

The Govt. will help create a black market in loans if this legislation passes.

[Andrew johnson]

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[Payday Loans]

Payday loans are a good option for someone that doesn’t want to get caught up with credit cards debts. They can also help in a tight situation, its quick, and most places are open longer hours than banks.

[No Fax Payday Loans - David]

Of course banning no fax payday loans and cash advances is bad for the people and therefore bad for the economy. The economy could be given a billion dollar lift just by Big Banks lowering their extremely high APR interest rates on their overdraft fees and late fees. Has anyone thought about calculating that?

[Payday Loan Advocate]

Because of the issues of the forthcoming election, US economy are in great threat. People mainly focus on how they will choose the right candidate who sometimes, in the end, manipulate the government revenues which threaten the economy.

Is the United States better now than in 1932? In 1932, Franklin Delano Roosevelt began his first term as president, and the U.S. was plummeting into a brutal recession. FDR’s “New Deal” economic policies reconfigured the way the U.S. economy operated; the government became more involved in the economy than it had ever been before. Roosevelt's policies gave the American economy a much-needed boost, but some believe these policies caused irreparable, long-term damage to the economy. In this Wall Street Journal article, Paul Rubin suggests that while the current U.S. economy is not in the exact same state as in 1932, there are many similarities: the stock market is struggling, credit markets are locking down, and a popular Democratic presidential candidate – Barack Obama – is promoting increased government regulations into problem areas such as the economy. With Obama as president and the potential for a 60-seat, filibuster-proof democratic majority in the Senate, the U.S. will be as close to a pure liberalist agenda as it has ever been. Proponents of a “laissez-faire” economy are worried that Obama’s “hands-on” policies will deprive the American economy of the long-term direction it truly needs. Those who support the ideals of capitalism wouldn’t say that we’re better off today than in 1932. Instead, they’d probably tell you that America’s in for more of the same – a “New, New Deal.”

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[Payday Loan Advocate]

All of us love sports. Some of us shows how much they love sports by joining to the competition. Sometimes playing is one of the favorite past time of the people such as playing basketball, baseball etc. We love joining to the sports, because for us, this is one of the things that make us healthy. This is a good exercise to our body. In terms of sports, do you know that the Philadelphia Phillies won the World Series 2008? For the past 28 years the Philadelphia Phillies have won their first World Series. The last time they climbed to the top of the mountain (1980), Mike Schmidt, Pete Rose and Steve Carlton showed the American League the meaning of spirited, winning baseball. Today, as emotions run high and the city of Philadelphia gears up for celebration of their boys bringing home the Commissioner’s Trophy, pillars of the community like Temple University are preparing for mass rioting. According to Dean of Students Ainsley Carry, “Students involved in vandalism, refusal to disperse, destruction of property, etc. will face both criminal and University disciplinary action. Sanctions may range from fines up to and including immediate suspension. Surveillance – including videotaping – is heightened during the Series on campus and throughout the city.”
I’m all for personal responsibility, which includes showing respect for others and their property. But is the feel of a police state crackdown necessary? Wait, this is Philadelphia, the “City of Brotherly Love.” Of course it’s necessary.
If you do happen to be ready to riot, take it down about 10 notches first. Be happy, but be respectful. If you find your windshield smashed by someone less respectful of property than you are – and you need some help to take care of that before you’re paid again, affordable personal loans are available at the click of a mouse. That is, if it still works after wild sprayings of liquid refreshments.
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Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
Blog: http://personalmoneystore.com/moneyblog/

[Picky Boot]

"What would happen when payday loan is banned"

When the bill moves forward only few people would feel happy about it. Most of payday loan customers would be suffering a lot. Since traditional banks doesn't give them a loan when they are in emergency need.
The research of the authors has clearly brought that most them were depending on payday loans. That is the reason for check bounces, complaints on lenders and debt collectors, in the states where the payday loan is banned.

[Will Jonathan]

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[Pawnshops New England]

Hi,
Good post.Payday loans are a good option for someone that doesn’t want to get caught up with credit cards debts. They can also help in a tight situation..

[Secure Payday Loans]

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