Comments on: Losing Ground in States, Payday Lenders Take Fight to Congress

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In addition to being more expensive, these options negatively impact credit ratings and may hurt a consumer’s access to e

By: Big Banks and Payday Lenders North Capitol Street

Big Banks and Payday Lenders North Capitol Street — Fri, 17 Sep 2010 09:14:59 +0000

[...] for is strong regulations set for the benefit of consumers, not created under the influence of lobbyists. To that end, the new Consumer Financial Protection Bureau — which maybe, just maybe, will [...]

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By: TArthur

TArthur — Wed, 14 Jul 2010 00:13:18 +0000

The best thing to do is save up $500 or $1000 in a piggybank if you have trouble qualifying for an unsecured credit card or personal installment from a bank or credit union.

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By: Cutlem

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By: Finance and Credit Companies Lobby Lawmakers As Congress Moves to Aggressively Regulate Them « Opensecrets « Alternative News « InfoFeeder

Mon, 23 Nov 2009 20:25:56 +0000

[...] “The focus on overdraft protection on the Hill has helped legislators to understand that payday lending can be looked at as a cheaper alternative to overdraft charges,” said Steven Schlein, a spokesman the payday lending trade group, the Community Financial Services Association, as quoted by the Washington Independent. [...]

By: bendjamin

bendjamin — Mon, 26 Oct 2009 23:12:47 +0000

No one forces those people to seek loans at these rates. If these people are charging rates that these people don’t know about (they’re hiding or not disclosing them), there are already laws on the books to allow prosecution. Whether we’re conscious of it or not, unless we’re coerced, every decision we make, we’ve already come to the conclusion that we’re better off with the decison that we would be had we not made it.

By: jkursman

jkursman — Mon, 19 Oct 2009 21:44:10 +0000

Families need access to short-term credit! This fact is undisputed.So let's examine the options…Payday loans are accessed by 19 million Americans each year because they offer significant cost savings versus: · The avg. $27-plus-interest fee on a bank overdraft (APR 704%) · The avg. $29 fee on a late credit card payment (APR 757%) · $51 in NSF and merchant fees on a $100 payment (APR 1329%) · A $50 late/reconnect fee on a $100 utility bill (APR 1303%) The Federal Reserve Bank of New York in a January 2007 report found that payday loans are NOT predatory, and – by supplying credit where otherwise there would be none – they actually enhance the welfare of the households they serve. Other studies have found: · Households are better off with access to payday loans · Bans on payday loans hurt consumers by increasing not only the cost of credit, but also instances of bounced check fees and personal bankruptcies · Payday loan customers understand the comparative fees associated with financial productsLet's allow Washington consumers choose the credit products that make the most financial sense for their families rather than newspaper editors or so-called “consumer advocates” with their own political and financial agendas.

By: kali

kali — Sat, 17 Oct 2009 23:50:42 +0000

this is so outrageous.. this reads almost as a who-can-rip-off-poor-people-the-more… so banks rip poor people off by more money than we do, so we should be allowed to continue our loan-sharking practices.. these folks should be simply be ASHAMED of what they do.. I simply cannot believe they think a cap of 36 pct interest rate would be too onerous to them.. ah yes.. only in America… I'm sure none of this nonsense would be tolerated in any other modern democracy in the world (but well, anyway, no other modern democracy in the world has the poverty rates that we, the “most advanced country in the world” have…)