Olympic Size Misinformation!
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Categories: Consumer and Worker Protection, Corporate Accountability / Workers' Rights, Economic Fairness and Security, Ranting and Venting, News, Front Page
Categories: Consumer and Worker Protection, Corporate Accountability / Workers' Rights, Economic Fairness and Security, Ranting and Venting, News, Front Page
Olympic Size Misinformation!
Well, the first phase of "Operation Buy 391% Interest" has begun! The payday lobby is out with their new ad.
Their plan is to run these during the Olympics, trying to convince Ohio voters that payday lenders are just here to help good ol' folks like you and I! The payday lobby is making a mockery of Ohio's election process and is attempting to appeal to the better nature of all Americans and Ohioans by continuously throwing around the word "Freedom". I personally feel used when I hear it over and over again!
The ad says Ohio politicians are risking 6,000 good-paying jobs by passing House Bill 545. Well, that's just patently false! The ad conveniently forgot to mention that the Ohio Department of Commerce has a nice stack of over 1,000 applications for new licenses from payday lenders who want to operate under the new law!
The ad mentions nothing about the fact that overturning the law will keep interest rates on payday loans at the outrageously high rate of 391% APR! It also neglects to mention that payday lenders have long gotten a free pass from the Ohio legislature to ignore Ohio's usury laws and bilk working Ohioans of their hard earned dollars.
The payday lenders are taking advantage of our state and its struggling economy to make a quick buck on our citizens and it is time Ohio voters told them to take a hike! A product designed to trap borrowers in debt for purposes of extracting maximum profit is a product that needs reformed. Usury is not freedom! As, Governor Strickland, Speaker Husted and Senate President Bill Harris said yesterday, the payday lending experiment failed in Ohio and it's time to reign in another predatory industry that sucks money out of our state like a leech. Another 91,000 families will file for foreclosure in Ohio by year's end due to predatory mortgage lending.
Payday lenders have displayed zero behavior that would suggest we should trust them any more than we did our mortgage lenders and brokers who peddled subprime mortgages right and left.
Well, the first phase of "Operation Buy 391% Interest" has begun! The payday lobby is out with their new ad.
Their plan is to run these during the Olympics, trying to convince Ohio voters that payday lenders are just here to help good ol' folks like you and I! The payday lobby is making a mockery of Ohio's election process and is attempting to appeal to the better nature of all Americans and Ohioans by continuously throwing around the word "Freedom". I personally feel used when I hear it over and over again!
The ad says Ohio politicians are risking 6,000 good-paying jobs by passing House Bill 545. Well, that's just patently false! The ad conveniently forgot to mention that the Ohio Department of Commerce has a nice stack of over 1,000 applications for new licenses from payday lenders who want to operate under the new law!
The ad mentions nothing about the fact that overturning the law will keep interest rates on payday loans at the outrageously high rate of 391% APR! It also neglects to mention that payday lenders have long gotten a free pass from the Ohio legislature to ignore Ohio's usury laws and bilk working Ohioans of their hard earned dollars.
The payday lenders are taking advantage of our state and its struggling economy to make a quick buck on our citizens and it is time Ohio voters told them to take a hike! A product designed to trap borrowers in debt for purposes of extracting maximum profit is a product that needs reformed. Usury is not freedom! As, Governor Strickland, Speaker Husted and Senate President Bill Harris said yesterday, the payday lending experiment failed in Ohio and it's time to reign in another predatory industry that sucks money out of our state like a leech. Another 91,000 families will file for foreclosure in Ohio by year's end due to predatory mortgage lending.
Payday lenders have displayed zero behavior that would suggest we should trust them any more than we did our mortgage lenders and brokers who peddled subprime mortgages right and left.
Here's the Ad:
What does that have to do with payday loans?
We waited too long to do something about the subprime mortgage crisis and we've already seen plenty from the payday lending industry in our state. The payday lending business model is set up to trap borrowers in debt and keep them coming back indefinitely. Mortgage lenders had an obligation to lend according to borrowers' ability to repay! So do payday lenders!
If someone lies on their credit application to a bank, well, it's the bank's fault for not checking thoroughly. If someone goes for a quick loan at a "predatory payday lender" instead of a bank, it's the lenders fault for loaning them money.
I wish people would at least take SOME responsibility for their actions. It's fine to have a government that does some things. But do we really want a government that is so big it monitors everything we say and do?
Read before you sign. Check other places for a better rate. Quit blaming others for your own mistakes.
Their only options now are to go to another state, or find an internet site.
And don't give any song and dance about going to banks - they don't offer short-term loans like this.
So the only true outcome of this ill-conceived idea is the loss of jobs in Ohio. These businesses will move across the border.
For every 1 job in a payday lending store that might be lost there are over 50,000 Ohioans caught in the debt trap and pushed ever closer to financial ruin.
Vote Yes on Issue 5!