Center for Consumer Freedom Weighs in on Arkansas Attorney General

A consumer group has weighed in on the Arkansas payday loan debate saying this:
With the apparent success of his intimidation tactics, McDaniel joins the list of meddling elitists who couldn’t care less about soaring food prices. And the 500-plus employees of payday loan companies in Arkansas will join 80,000 other Americans at the back of [...]

Michigan Debt Collection Laws

Nitzkin & Associates’ debt collection blawg often contains interesting pieces regarding debt collection regulations and the lending industry in general. Today’s post is no exception and contains some food for thought comparing the difference in Michigan debt collection laws regarding bad checks written to most businesses versus bad checks to payday loan companies.
Essentially, [...]

George Will on “Predatory Lenders” and the liberal narrative

In his most recent column, George Will looks critically at all the hyperventilating about our nation’s economy in “crisis.”  When compared historically, Will demonstrates that our economic situation today is not really so bad. His insights into the subprime mortgage “crisis” is particularly noteworthy. He says about the small percentage of Americans who have taken subprime mortgages [...]

Who’s watching your bounced checks?

According to Bankrate.com, the answer is ChexSystems, a company which holds your bounced check information for five years, providing data to other banks and lenders who asses whether you’re potentially a ”valued customer or a liability.”  Eighty percent of financial instituations use this service.
Of course, avoiding bounced checks is the number one reason consumers take out payday loans.
 
 

Analysis of Ark. payday lending situation

The Arkansas Business Journal picks up on an Associated Press story that analyzes how we got to this point in Arkansas.  This paragraph gets to the heart of the matter:
“The 1999 law {the Check Cashers Act} declared that income earned by payday lenders was a fee and not interest, avoiding the 17 percent limit on [...]

“Public need more, not less options”

So says Tim Miller of Center for Consumer Freedom in today’s Baxter Bulletin out of Arkansas.  Money quote:
“Borrowers are best served when they have more choices to pick from, not when politicians eliminate what is for many their only option.”   
The Payday Pundit has been making this point over and over.  Payday loans are an [...]