Survey: What happens if your paycheck is delayed?

A survey from the National Payroll Association found that 67% of Americans would have a difficult time meeting their current financial obligations if their next paycheck were to be delayed one week. 

Food for thought for policymakers who want to limit short-term credit options.  
If faced with unbudgeted expenses, consumers choose between not paying certain bills, [...]

Making the fine print….BIGGER

With all of the talk of fee and market transparency in the credit markets…Payday Pundit wants to remind everyone of the steps the payday lending industry has proactively taken to address the concern over hidden fees and fine print.

 To read more about CFSA’s fee transparency campaign visit www.knowyourfee.org.

Frontline’s special on credit cards is a real eye opener

Last night on PBS, Frontline re-ran a program called: Secret History of the Credit Card. The show highlighted some facts about credit cards that make the criticisms about payday lending look like child’s play. 
What Payday Pundit found particularly interesting is that by paying only the minimum balance every month, it could take you 35 years [...]

Holy cow!

According to this story, one bounced check led to $3000 in overdraft fees. Where are Center for Responsible Lending and nanny-state lawmakers?  Shouldn’t they be holding hearings, calling for rate caps?