Comments on: Keeping Payday Loan Opponents Honest http://www.bloggernews.net/122202 High-quality English language analysis and editorial writing on the news. Thu, 16 Feb 2012 17:02:08 +0000 http://wordpress.org/?v=2.3.3 By: Michael http://www.bloggernews.net/122202#comment-1710342 Michael Sun, 18 Jul 2010 19:34:57 +0000 http://www.bloggernews.net/122202#comment-1710342 yes the information which given in this posting are very useful.i am not a government employee so this tips are useful for me yes the information which given in this posting are very useful.i am not a government employee so this tips are useful for me

]]> By: olivia http://www.bloggernews.net/122202#comment-1417292 olivia Mon, 05 Oct 2009 13:43:31 +0000 http://www.bloggernews.net/122202#comment-1417292 Consumers facing a necessary expense and caught short between paydays must often choose between costly and undesirable options: pay the bill now and face bounced check or overdraft protection fees; pay the bill late and incur late penalties; borrow from friends and family; or take out a loan from an unknown Internet lender. Removing one option in today's environment will only force consumers into more expensive, less desirable and unregulated alternatives. These businesses exist for a reason - if there wasn't a need for short term credit, they would be out of business. Some regulation is fine but make it fair. Let consumers decide which option is best for them. It is not the governments job to make my financial decisions. Consumers facing a necessary expense and caught short between paydays must often choose between costly and undesirable options: pay the bill now and face bounced check or overdraft protection fees; pay the bill late and incur late penalties; borrow from friends and family; or take out a loan from an unknown Internet lender. Removing one option in today’s environment will only force consumers into more expensive, less desirable and unregulated alternatives. These businesses exist for a reason - if there wasn’t a need for short term credit, they would be out of business. Some regulation is fine but make it fair. Let consumers decide which option is best for them. It is not the governments job to make my financial decisions.

]]> By: yclark http://www.bloggernews.net/122202#comment-1411462 yclark Thu, 24 Sep 2009 17:45:38 +0000 http://www.bloggernews.net/122202#comment-1411462 So, now the claim-according to Ms. Emily Mills-is that payday loan companies are stealing money from individuals through an act of fraud? Wow-that's probably the most absurd and diluted statements that I've heard about the industry in a while, and I've heard a lot. By definition, to fleece is to strip of money or property by fraud or extortion. Whether or not she agrees with the services, the fact is that people use them willingly-not against their will-not at gunpoint-not coerced or lied to. I'm quite certain that if I stood outside of a payday lender for several hours the employees would not forcibly drag me into the location, stuff several hundred dollars into my pockets and then forge my signature on a contract that contains no conditions or terms of payment. I'm going to cherish my right to exercise free will as long as I'm able since those like Ms. Mills and Representative Gordon Hintz seem to want to fight against it. Furthermore, the existence of payday loans is the least of the country's fiscal dilemmas and suggesting such and using extreme negatives to promote ones opinion makes it very difficult to digest and consider hers. Especially considering the fact that big banks and traditional financial institutions are the ones who set the current financial crisis in motion and were not able to sustain themselves. Payday loans may not be the best choice for everyone who seeks short-term supplemental funds but it should remain as an option for those who use them responsibly. Those of us who take responsibility for our own actions don't consider ourselves as a "victim" of societal forces. http://thelostalbatross.blogspot.com/search?updated-max=2009-08-20T12:00:00-05:00&max-results=7 So, now the claim-according to Ms. Emily Mills-is that payday loan companies are stealing money from individuals through an act of fraud? Wow-that’s probably the most absurd and diluted statements that I’ve heard about the industry in a while, and I’ve heard a lot. By definition, to fleece is to strip of money or property by fraud or extortion. Whether or not she agrees with the services, the fact is that people use them willingly-not against their will-not at gunpoint-not coerced or lied to. I’m quite certain that if I stood outside of a payday lender for several hours the employees would not forcibly drag me into the location, stuff several hundred dollars into my pockets and then forge my signature on a contract that contains no conditions or terms of payment. I’m going to cherish my right to exercise free will as long as I’m able since those like Ms. Mills and Representative Gordon Hintz seem to want to fight against it. Furthermore, the existence of payday loans is the least of the country’s fiscal dilemmas and suggesting such and using extreme negatives to promote ones opinion makes it very difficult to digest and consider hers. Especially considering the fact that big banks and traditional financial institutions are the ones who set the current financial crisis in motion and were not able to sustain themselves. Payday loans may not be the best choice for everyone who seeks short-term supplemental funds but it should remain as an option for those who use them responsibly. Those of us who take responsibility for our own actions don’t consider ourselves as a “victim” of societal forces.

http://thelostalbatross.blogspot.com/search?updated-max=2009-08-20T12:00:00-05:00&max-results=7

]]> By: Lawrence Meyers http://www.bloggernews.net/122202#comment-1406389 Lawrence Meyers Mon, 14 Sep 2009 22:14:27 +0000 http://www.bloggernews.net/122202#comment-1406389 And Job Killer Hintz's bill will do just that. He doesn't care about the Little Guy or Gal -- working at these stores. He wants them out on the street. And Job Killer Hintz’s bill will do just that. He doesn’t care about the Little Guy or Gal — working at these stores. He wants them out on the street.

]]> By: maytay777 http://www.bloggernews.net/122202#comment-1406356 maytay777 Mon, 14 Sep 2009 20:15:22 +0000 http://www.bloggernews.net/122202#comment-1406356 With any issue, independent research is always necessary. Lately, the media keeps reporting that legislators at both the state and federal levels have not read bills that they are voting on. When a bill may have the effect of causing mass unemployment, it's important to think about both sides of an issue. This recession stinks. With any issue, independent research is always necessary. Lately, the media keeps reporting that legislators at both the state and federal levels have not read bills that they are voting on. When a bill may have the effect of causing mass unemployment, it’s important to think about both sides of an issue. This recession stinks.

]]> By: Lawrence Meyers http://www.bloggernews.net/122202#comment-1406349 Lawrence Meyers Mon, 14 Sep 2009 19:48:16 +0000 http://www.bloggernews.net/122202#comment-1406349 Many states have enacted sensible terms that allow both lenders and borrowers to get what they want. My suggestion is an amalgamation of many different states' laws for payday loans: 1) No rate cap -- but if there must be one, it should be $17.50 per hundred borrowed per 14 days. 2) Loan term minimum 14 days, maximum to be negotiated between lender and borrower. 3) No more than two loans out at the same time. 4) Any loan that comes to term can be renewed once (maybe twice. I prefer to let the customer determine how long they need the loan for) 5) If loan cannot be repaid on due date, lender must offer payment plan -- 25% of principal due every two weeks, plus fees. 6) All lenders must be licensed. 7) Substantial penalties for deceptive advertising, lack of license, failure to abide by law, etc. Many states have enacted sensible terms that allow both lenders and borrowers to get what they want. My suggestion is an amalgamation of many different states’ laws for payday loans:

1) No rate cap — but if there must be one, it should be $17.50 per hundred borrowed per 14 days.
2) Loan term minimum 14 days, maximum to be negotiated between lender and borrower.
3) No more than two loans out at the same time.
4) Any loan that comes to term can be renewed once (maybe twice. I prefer to let the customer determine how long they need the loan for)
5) If loan cannot be repaid on due date, lender must offer payment plan — 25% of principal due every two weeks, plus fees.
6) All lenders must be licensed.
7) Substantial penalties for deceptive advertising, lack of license, failure to abide by law, etc.

]]> By: Lawrence Meyers http://www.bloggernews.net/122202#comment-1406348 Lawrence Meyers Mon, 14 Sep 2009 19:47:47 +0000 http://www.bloggernews.net/122202#comment-1406348 nohalfsteppin': The first thing I notice is this is not a report but a veto explanation from 5 years ago. Since I don't have the report, I can't give it a fair analysis. And if I can't give it a fair analysis, how can Hintz? He waves this paper around as if it is proof -- but it isn't. And how do we know that Gov. Doyle didn't misread the actual report? I want to see that report, and you should demand to see it, too. Note the language in the letter, "over half of the loans analyzed were refinanced". Well....exactly WHAT loans were analyzed? Were they a representative sample? Did it cover every loan in the entire state? I don't think anyone can draw a valid conclusion from this letter, but I will say this: If there are as many people caught in the alleged cycle of debt, and they eventually default, someone would have to refinance a loan FIVE times for the lender to make any money -- because they lose the entire principal. And then we go back to sensible regulation. To avoid even the possibility of a cycle of debt issue, simply limit the number of loans out a time and the number of refinances. nohalfsteppin’:

The first thing I notice is this is not a report but a veto explanation from 5 years ago. Since I don’t have the report, I can’t give it a fair analysis. And if I can’t give it a fair analysis, how can Hintz? He waves this paper around as if it is proof — but it isn’t. And how do we know that Gov. Doyle didn’t misread the actual report? I want to see that report, and you should demand to see it, too. Note the language in the letter, “over half of the loans analyzed were refinanced”. Well….exactly WHAT loans were analyzed? Were they a representative sample? Did it cover every loan in the entire state?

I don’t think anyone can draw a valid conclusion from this letter, but I will say this: If there are as many people caught in the alleged cycle of debt, and they eventually default, someone would have to refinance a loan FIVE times for the lender to make any money — because they lose the entire principal.

And then we go back to sensible regulation. To avoid even the possibility of a cycle of debt issue, simply limit the number of loans out a time and the number of refinances.

]]> By: Emily http://www.bloggernews.net/122202#comment-1406314 Emily Mon, 14 Sep 2009 17:30:45 +0000 http://www.bloggernews.net/122202#comment-1406314 You haven't really addressed the main point of my article (which came after my blog posts, and illustrates a change of thinking on my part that you've almost completely ignored here). My final argument is that better regulation of loan terms is far more important than a rate cap. I would rather see legislation dealing with loan term than APR, frankly, and wouldn't that do a lot to hold the payday loan industry to its own talking points about people paying them back on time? I'd be curious to know how you'd feel about bill that dealt with that. You haven’t really addressed the main point of my article (which came after my blog posts, and illustrates a change of thinking on my part that you’ve almost completely ignored here).

My final argument is that better regulation of loan terms is far more important than a rate cap. I would rather see legislation dealing with loan term than APR, frankly, and wouldn’t that do a lot to hold the payday loan industry to its own talking points about people paying them back on time? I’d be curious to know how you’d feel about bill that dealt with that.

]]> By: nohalfsteppin http://www.bloggernews.net/122202#comment-1406001 nohalfsteppin Sun, 13 Sep 2009 23:10:21 +0000 http://www.bloggernews.net/122202#comment-1406001 "A study by the Department of Financial Institutions showed that the average annual net income of payday borrowers is less than $19,000 and that over half of the loans analyzed were refinanced." http://www.wisgov.state.wi.us/docs/041504_Veto_AB665.pdf “A study by the Department of Financial Institutions showed that the average annual net income of payday borrowers is less than $19,000 and that over half of the loans analyzed were refinanced.”

http://www.wisgov.state.wi.us/docs/041504_Veto_AB665.pdf

]]> By: Lawrence Meyers http://www.bloggernews.net/122202#comment-1405422 Lawrence Meyers Sat, 12 Sep 2009 19:24:44 +0000 http://www.bloggernews.net/122202#comment-1405422 For starters, each of the 3,500 people whose jobs are at risk DO call him the Job Killer of Wisconsin. So do the people in the state Capitol. You just aren't listening carefully enough. He's also a coward. He's running a bill designed to kill an industry, put thousands out of work, restrict consumer credit, and showcase himself as the grandstanding political hack that he is -- yet he never had the balls to answer the litany of data I sent at his request that showed how wrong he is on the issue. You got anything else? For starters, each of the 3,500 people whose jobs are at risk DO call him the Job Killer of Wisconsin.

So do the people in the state Capitol. You just aren’t listening carefully enough.

He’s also a coward. He’s running a bill designed to kill an industry, put thousands out of work, restrict consumer credit, and showcase himself as the grandstanding political hack that he is — yet he never had the balls to answer the litany of data I sent at his request that showed how wrong he is on the issue.

You got anything else?

]]> By: A http://www.bloggernews.net/122202#comment-1405095 A Sat, 12 Sep 2009 05:57:23 +0000 http://www.bloggernews.net/122202#comment-1405095 No one calls Gordon Hintz "the job killer of Wisconsin" but you. No one calls Gordon Hintz “the job killer of Wisconsin” but you.

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