Motley Fool: How to waste $36 billion

The Motley Fool picks up on the GAO report finding that, in 2006, consumers paid $36 billion in bank fees.  The Fool is highly critical of the government but also critical of consumers who don’t understand how much they’re paying in fees.  
How does this relate to payday lending?  Storefront payday lenders collected $6.5 billion in fees in 2006.  And payday lending [...]

Arizona High?

In The Herald this morning — a paper out of Sierra Vista, AZ — state Rep. Marian McClure, an Arizona legislator who wants to ban payday lending in that state compared payday lending stores to marijuana shops.  She stated:
 “A lot of people would like to have marijuana shops,’’ she said. “And I guarantee you if we [...]

Rocky Mountain high

The Payday Pundit woke up to a nice editorial in the Rocky Mountain News , Payday Loan Overkill, urging the legislature to oppose restrictive legislation that could put the industry out of business in the state.  The money quote:
“As we said in November, for some residents who don’t have access to other forms of credit, or ready [...]

On a lighter note

The good people at Reason Magazine found someone who’s trying to create a “community-based moneyless society.”  Apparently, except for having no food or shelter,  it works.   Weirdly, they blame their failure to obtain basic needs on the fact that they don’t speak French.